Archive | Vale

Slow process of demolition to start on Vale’s Superstack – by Lindsay Kelly (Northern Ontario Business – July 29, 2020)

https://www.northernontariobusiness.com/

July 28 decommissioning of the structure makes way for first stage of multi-year project

With the news that Vale’s Superstack is no longer operational, the nickel giant is now poised to start the demolition process on the 50-year-old structure.

On July 28, the company announced it had decommissioned the 1,250-foot (381-metre) stack at its Copper Cliff Complex in Sudbury during a period of regular maintenance.

In the broader context, taking the stack out of service represents a landmark moment of the environmental progress for Vale (formerly INCO) and the mining industry as a whole. Continue Reading →

NEWS RELEASE: VALE COMPLETES TIE-INS OF NEW STACKS (July 28, 2020)

Signals Completion of Superstack Being Taken Out of Service

SUDBURY, July 28, 2020 – Vale has completed the final tie-in of the flue systems to the new 450’ (137 metre) Stacks and took its Copper Stack out of service at the Copper Cliff Smelter Complex during its planned maintenance period this month. With these project milestones achieved, Vale can complete the process of taking the Superstack out of service.

“Completing this process of taking the Superstack completely out of service is symbolic of Vale’s evolution towards reducing our environmental footprint with innovative and more sustainable Smelter operations ” said Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Operations and Asian Refineries.

The two smaller and more efficient stacks will require far less energy to operate than the Superstack, which will reduce greenhouse gas emissions from Vale’s Copper Cliff Smelter by approximately 40%. At the same time, Vale’s Clean AER Project will reduce particulate emissions by 40% and dramatically reduce SO2 emissions by 85%. Continue Reading →

New Century, Vale delay nickel mine deal – by Cecilia Jamasmie (Mining.com – July 28, 2020)

https://www.mining.com/

New Century Resources (ASX: NCZ) and Vale (NYSE: VALE) have delayed the deadline for closing the sale of the Brazilian miner’s nickel and cobalt operations on the Pacific island of New Caledonia by 45 days.

The Australian zinc producer entered into a 60-day exclusivity agreement to acquire a 95% stake in Vale Nouvelle Calédonie (VNC), the operator of the troubled Goro nickel-cobalt mine on the French territory, on May 26.

New Century said on Thursday it had made “significant progress” in evaluating the technical and commercial aspects of the transaction, but has not yet finished a definitive binding agreement. Continue Reading →

Indonesia state company to acquire stake in nickel miner (Nikkeo Asian Review – June 22, 2020)

https://asia.nikkei.com/

JAKARTA — Indonesia’s state-owned mining holding company will acquire a 20% stake in the local subsidiary of Brazilian mining giant Vale, operator of the world’s largest nickel mine on the island of Sulawesi.

Indonesia is keen to expand control over nickel production as global demand for the commodity, used as batteries in electric vehicles, rises.

In a deal signed last week, Mind Id, the holding company, agreed to pay a combined $390 million or so to Vale and Japan’s Sumitomo Metal Mining for the Vale Indonesia stake. The transaction is to be completed by the end of the year. Afterward, Vale will have a stake of 44.3% and Sumitomo 15%; the rest of the shares will be traded publicly. Continue Reading →

Vale reopens Itabira but pandemic threats persist – by Reese Ewing (Australian Financial Review – June 23, 2020)

https://www.afr.com/

Sao Paulo | Vale’s Itabira mine is back up and running this week after the Brazilian mining giant convinced local health authorities that new measures would contain the spread of COVID-19 among its workers.

The mine was producing 2.7 million tonnes a month before a local court in the state of Minas Gerais this month shut it down for almost two weeks on reports that 200 workers had tested positive for COVID-19.

Vale got clearance late last week to resume operations after clarifying its safety protocols and amending some of its policies. The miner estimates it lost about 1 million tonnes of output over the 12-day shutdown, but again stuck by its revised 2020 guidance of 310-330 million tonnes. Continue Reading →

Thompson bracing for job losses after northern Manitoba mine owner admits to bleeding $300K a day – by Ian Froese (CBC News Manitoba – June 17, 2020)

https://www.cbc.ca/news/canada/manitoba/

Vale says efforts to find ‘simpler and more nimble operating model’ will mean smaller workforce

A mining city in northern Manitoba is facing another setback as the owner of the community’s nickel mine is preparing to shed more jobs. Vale says it cannot continue to operate its Thompson mine under the status quo, after losing $300,000 per day in 2019.

“We need to find a simpler and more nimble operating model to ensure our future in Thompson,” said Franco Cazzola, manager of Vale’s Manitoba operations, in an email to media.

“This will mean a smaller workforce than we have today. We will consider every option available to us to ensure any job reductions are as limited as possible, and we will ensure they will not impact the safety of our ongoing operations.” Continue Reading →

Vale to resume operations at Voisey’s Bay in July – by Cecilia Jamasmie (Mining.com – June 18, 2020)

https://www.mining.com/

Vale (NYSE: VALE), the world’s top producer of nickel and iron ore, is fine-tuning details to reopen its Voisey’s Bay open pit nickel mine and concentrator in Canada, next month.

Full capacity at the northern Labrador-based operation should be reached in August, the Brazilian mining giant said on Thursday.

Vale initially placed Voisey’s Bay mine on care and maintenance for four weeks as a precaution amid the fast-spreading coronavirus pandemic. It later extended the measure for up to three months, leaving an ongoing mine expansion project on hold. Continue Reading →

COLUMN-Iron ore’s rally built on as yet unrealised Brazil supply fears – by Clyde Russell (Reuters U.S. – June 11, 2020)

https://www.reuters.com/

LAUNCESTON, Australia, June 11 (Reuters) – Iron ore’s ongoing run above $100 a tonne is begging the question as to how long a price rally can sustain on fear of an event that is yet to present itself in the evidence.

The surge to a 10-month high on June 8 of $105.75 a tonne in spot iron ore for delivery to China MT-IO-QIN62=ARG, as assessed to by commodity price reporting agency Argus, was largely built on market concerns that shipments from number two exporter Brazil would be hit by coronavirus shutdowns at mines.

The price has eased slightly since the high to end at $103.85 a tonne on Wednesday, but it has been above the $100 level on seven of the last nine trading days. Continue Reading →

Iron Ore Blasts Past $100 After Pandemic Forces Brazil Mine Halt – by James Attwood and Krystal Chia (Bloomberg News – June 8, 2020)

https://ca.finance.yahoo.com/

(Bloomberg) Iron ore futures surged above $100 a ton after Brazil’s Vale SA was ordered to suspend operations that account for about a 10th of its output after workers contracted Covid-19, boosting concerns surging cases will disrupt other mines in the top shipper after Australia.

The ruction is the latest supply shock to hit the global market over the past 18 months, following a dam burst at a Vale mine in 2019 that roiled prices as well as weather-related disruptions this year.

Iron ore could hold above $100 for the next two months, Morgan Stanley said, although it cautioned that a surplus and lower prices were still expected in the final quarter. Higher prices will benefit Australian majors BHP Group, Rio Tinto Group and Fortescue Metals Group Ltd. Continue Reading →

Vale confirms Mark Travers as executive director of base metals – by Staff (Northern Ontario Business – June 1, 2020)

https://www.northernontariobusiness.com/

Mark Travers has been confirmed as Vale’s executive director of base metals. Travers has held the position on an interim basis since March 2019 after the resignation of CEO Fábio Schvartsman and three of the company’s senior executives.

The resignations were prompted by the collapse of a tailings dam in Brazil that killed 186 people.

“I am committed to leading the base metals’ business transformation to create a bright future on the strengths of our ongoing efforts to become a safe, reliable and sustainable operator,” Travers said in a statement from Vale. Continue Reading →

New Century in talks with Brazil’s Vale over nickel-cobalt mine sale – by Nick Toscano (Sydney Morning Herald – May 26, 2020)

https://www.smh.com.au/

Australia’s New Century Resources is in exclusive talks with Brazilian mining giant Vale to take over its troubled nickel and cobalt mine in New Caledonia under a proposed deal that contains a financial contribution from Vale and possible support from the French government.

New Century chief executive Patrick Walta said the company had entered into a 60-day exclusivity period to negotiate the acquisition of a 95 per cent ownership stake in Vale’s Goro mine in the south-west Pacific nation, which has been plagued by problems, delays and cost blow-outs for Vale since mining operations began there in 2011.

Under the proposed deal, Melbourne-based New Century would be effectively paid to take ownership of the Goro mine, with the value of financial contributions from Vale and the potential forgiveness of debts from the French state estimated to be in the vicinity of $1 billion. Continue Reading →

Brazil’s Coronavirus Crisis Disrupts Iron-Ore Market; Prices Surge – by Joe Wallace (Wall Street Journal – May 20, 2020)

https://www.wsj.com/

Brazil’s deadly coronavirus outbreak has disrupted global supplies of iron ore just as demand from China is revving up, pushing the price of the steel ingredient to a seven-month high.

Iron ore is one of the most heavily traded commodities and can influence the price of materials used in everything from buildings to cars. Front-month futures for ore with 62% iron content jumped 10% to nearly ¥759 ($107) a metric ton Wednesday on China’s Dalian Commodity Exchange. That is their highest closing price since October 2019.

Prices have risen 20% since early April, driven by squeezed supplies from Brazil, which dominates the iron-ore mining industry along with Australia. The rally is also an indication that China’s economy is gathering momentum, after a downturn at the start of the year when swaths of the country went into lockdown to stop the coronavirus spreading. Continue Reading →

New Century mulls trip to New Caledonia – by Sarah Thompson, Anthony Macdonald and Tim Boyd (Australian Financial Review – May 20, 2020)

https://www.afr.com/

New Century Resources is getting ready to spend some nickels (and dimes).  Street Talk understands the ASX-listed mining player is close to buying a New Caledonian operating nickel mine off the world’s largest iron ore and nickel producer, Vale.

While a deal had not yet been signed on Wednesday evening, sources said it was close to being finalised and expected an announcement in the coming days. New Century’s shares went into a trading halt on Tuesday, regarding “a potential material acquisition”.

The mine in question – called Goro – is located in southern New Caledonia in the South Pacific and has been on the market for the past six months. Continue Reading →

Vale after NYC real estate moguls for Simandou compensation – by Cecilia Jamasmie (Mining.com – May 19, 2020)

https://www.mining.com/

Brazil’s Vale (NYSE: VALE), the world’s no. 1 iron ore miner, has launched a legal action in New York to determine whether funds paid to BSG Resources within the framework of their former Simandou partnership in Guinea were used for property investments in the United States.

The Rio de Janeiro-based mining giant alleges that BSGR, diamond tycoon Beny Steinmetz’s mining arm, fraudulently funneled $500 million into Manhattan real estate’s magnates Aby Rosen and René Benko, Africa Intelligence reported.

The case is the latest in a series of efforts Vale has made to have BSGR pay a $1.2 billion arbitration award. The amount was granted to the Brazilian miner on the grounds of “fraud and breaches of warranty” when included in the Simandou iron ore joint venture. Continue Reading →

NEWS RELEASE: TWO NORTHERN ONTARIO ORGANIZATIONS AMONGST WINNERS OF VALE COVID-19 CHALLENGE

May 8, 2020 – On April 3, the Vale COVID-19 challenge was launched in Canada to help propel innovative COVID-19 solutions developed by companies, startups, institutions, universities or professionals into the marketplace by offering financial support of up to USD $1M.

A total of nearly 1,800 solutions were submitted globally, of which over 300 came from within Canada. All solutions were carefully reviewed by a select group of employees as well as external partners and supporters, which, in Canada, included:

• Mater Dei Hospital in Brazil,
• Dr. Ken Jenkins (Horizon supported by TELUS Health),
• Dr. Farrell Cahill (Medisys supported by TELUS Health),
• Dr. Greg Ross (Health Sciences North Sudbury),
• Don Duval (NORCAT),
• Dr. Shahid Husain (University Health Network)
• Sheryl Thingvold (MaRS Discovery District). Continue Reading →