SAO PAULO, Jan 17 (Reuters) - Miner Vale SA is in talks with BHP Billiton Plc on options for their Brazilian joint venture Samarco, and Vale could be a 'natural' owner of the project, a director of the Brazilian mining company said on Wednesday.

"Maybe Vale would be a natural owner of Samarco, maybe it could make Samarco operate again," André Figueiredo, Vale's investor relations director, said during a meeting with investors and analysts in Sao Paulo. (Reporting by Luciano Costa; Writing by Marcelo Teixeira)