Brazilian mining company Vale, the world's top iron ore miner, said on Friday it is not seeking to buy fertilizer assets following rumors it was planning a bid for U.S.-based fertilizer company Mosaic.

Vale said in a statement it plans to continue developing its existing fertilizer projects including ones in Argentina, Mozambique and Canada, and does not see a need to acquire other operations.

The company has ample options for organic growth ... which offer returns greater than those provided by investments in acquisitions of other companies in that sector, Vale said.

After failing in its estimated $90 billion bid for mining rival Xstrata over a year ago, the company has changed its approach and is targeting smaller acquisitions with particular emphasis on the fertilizer sector.

Earlier this year, Vale spent $850 million on the purchase of potash assets in Argentina and Canada.

Minnesota-based Mosaic has operations in several U.S. states and in the potash-rich western province of Saskatchewan in Canada.

(Reporting by Alberto Alerigi; Writing by Brian Ellsworth; Editing by Christian Wiessner)