Vale mulling offers for New Caledonia nickel assets – by Cecilia Jamasmie ( – April 29, 2020)

Vale (NYSE: VALE), the world’s top producer of nickel and iron ore, has received non-binding offers for its operations on the Pacific island of New Caledonia, it said in a conference call on Wednesday.

The Brazilian mining giant said it expected to have “relevant news” on the topic within a month or two.

Vale put its New Caledonia nickel assets on the block in December. The decision came after it had to write down $1.6 billion in the fourth quarter related to the ailing mines, the world’s biggest nickel operations.

That announcement came less than a year after it unveiled plans to invest $500 million in the nickel mine after failing to find a partner for the operation.

Vale last week axed its 2020 production forecast for the metal to 180,000 to 195,000 tonnes from 200,000 to 210,000 tonnes, excluding its unit in New Caledonia.

For the rest of this article: