Archive | Vale

Steinmetz loses latest battle against Vale over Simandou – by Cecilia Jamasmie (Mining.com – April 5, 2021)

https://www.mining.com/

Billionaire Beny Steinmetz, the founder and owner of a company embroiled in a long-drawn-out dispute with Vale (NYSE: VALE) over lost rights to the Simandou iron ore project in Guinea, has lost his latest battle against the Brazilian miner.

The Rio de Janeiro-based miner said on Monday that local prosecutors had closed an investigation into CEO Eduardo Bartolomeo, and other executives and former directors over alleged illegal practices related to the deal to explore the deposit.

At two billion tonnes of iron ore with some of the highest grades in the industry, Simandou is one of the world’s biggest and richest reserves of the steelmaking material. Continue Reading →

MEDIA RELEASE: STEELWORKERS RATIFY NEW FOUR AND A HALF YEAR CONTRACT WITH VALE IN SUDBURY (March 31, 2021)

SUDBURY, March 31, 2021 – Vale and United Steelworkers (USW) Local 2020 are pleased to announce that an agreement has been reached on a new four and a half year Collective Bargaining Agreement between Vale, Ontario Operations and USW Local 2020. The new agreement takes effect on April 1, 2021.

“The negotiation process has been both productive and respectful, and we are encouraged that we have been able to reach an agreement that the bargaining committee fully endorsed” said Sherri Hawkes, President of USW Local 2020-05.

“We are pleased that the agreement appropriately meets the needs for both the company and union members” said Mitch Medina, Manager of Employee and Labour Relations for Vale’s North Atlantic Operations. “I feel this is exemplified in the endorsement of the agreement by the USW Local 2020 bargaining committee reflecting the positive collaboration throughout the negotiation process.” Continue Reading →

Trafigura, New Caledonia group complete takeover of Vale’s Goro nickel, cobalt unit – by Diana Kinch (S&P Global – March 31, 2021)

https://www.spglobal.com/

London — The Prony Resources New Caledonia consortium announced March 31 it has completed acquisition of Vale Canada’s Nouvelle-Calédonie S.A.S. (VNC) nickel and cobalt operation. Prony Resources is owned by New Caledonia entities together with international commodities trader Trafigura.

Operations at Prony Resources recommenced in the week of March 28 with the restart of nickel production expected mid-April, the company said in a statement.

The operation, designed to produce up to 57,000 mt/year of processed nickel, with cobalt as a byproduct, is believed to have been at a standstill since mid-December 2020, following protests by independence activists on the Southwest Pacific French island territory of New Caledonia. Prior to this it had been producing below capacity. Continue Reading →

Top Nickel Miner Vale Turns Page on 14-Year New Caledonia Foray – by James Attwood (Bloomberg News – March 31, 2021)

https://www.bnnbloomberg.ca

(Bloomberg) — Vale SA, the biggest producer of mined nickel, closed a deal to divest its underperforming New Caledonian mine to a group that includes the operation’s managers and workers.

The divestment will allow operations to continue and gives Vale the right to a portion of output amid growing demand for the battery metal, Rio de Janeiro-based Vale said in a statement Wednesday.

Tesla Inc. will support the operation through a “technical and industrial partnership” with the consortium, called Prony Resources. Continue Reading →

Vale sells New Caledonia nickel assets to Trafigura – by Cecilia Jamasmie (Mining.com – March 31, 2021)

https://www.mining.com/

Vale (NYSE: VALE) said on Wednesday it had concluded the sale of its nickel and cobalt operations in New Caledonia, a French territory in the Pacific, to a consortium called Prony, which includes commodity trader Trafigura.

While the Brazilian miner did not disclose the exact terms of the deal, it said that $1.1 billion will be invested in the New Caledonia assets, with $555 million coming from its subsidiary Vale Canada Ltd.

“Vale’s intent from the beginning of the divestment process was to withdraw from New Caledonia in an orderly and responsible manner. This deal accomplishes that,” chief executive Eduardo Bartolomeo said in the statement. Continue Reading →

Vale’s search for new mines, reserves continues in Sudbury – by Harald Carmichael (Sudbury Star – March 24, 2021)

https://www.thesudburystar.com/

These are interesting times for Vale’s operations in Sudbury and Canada. World nickel prices are high, but so are inventories. The electric vehicle market, which will need substantial quantities of nickel for the batteries to power those vehicles, is poised to take off globally.

The nickel reserves now being mined in Greater Sudbury and Thompson, Man., however, are starting to head into their senior years.

And while there are numerous projects in the early stages of development or on the books to replace those long-standing operations, Vale’s North Atlantic operations are embarking on a much-different business approach as they head into the next decade and beyond. Continue Reading →

Massive new port could give Vale back iron ore crown – by Bruno Venditti (Mining.com – March 18, 2021)

https://www.mining.com/

Global production of iron ore products reached 2.2 billion tonnes in 2020 and is expected to reach 2.35 billion tonnes in 2021, according to Fastmarkets.

Despite the covid-19 pandemic, Chinese demand and Brazilian supply constraints have propelled iron ore prices to decade-highs above $175 a tonne this quarter.

Global total exports amounted 1,170 million tonnes in 2020, 9.3% higher than in 2019. Total China imports exceeded 73% of the world total shipped. Continue Reading →

Vale returns to profit, eyes ‘dramatic opportunity’ for nickel – by Staff (Mining Journal – March 2, 2021)

https://www.mining-journal.com/

Adjusted EDITDA rose 20% to $4.2 billion, after $4.8 billion in expenses of which $3.9 billion was related to the R37.7 billion (US$7 billion) Brumadinho settlement reached in January.

Vale’s ferrous minerals division achieved its second largest adjusted EBITDA of $8.8 billion, thanks to a 17% rise in realised prices and 26% higher sales volumes compared with the third quarter.

It put its iron ore fines and pellets C1 cash cost ex-third party purchases up slightly, quarter-on-quarter, at $12.70/t, while the cash cost (ex-ROM, ex-royalties) FOB was $15.30/t. Continue Reading →

Vale to Pay $7 Billion for One of Worst Ever Mine Disasters – by James Attwood (Yahoo Finance/Bloomberg – February 4, 2021)

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

(Bloomberg) — Vale SA reached a settlement agreement with Brazilian authorities for a dam collapse that killed 270 people and led to production cutbacks that stripped the company of the title of world’s biggest iron ore producer.

The deal comes two years after the Brumadinho disaster, giving affected communities a clear framework for compensation and reparations and removing a considerable legal overhang for Vale. Its shares were little changed in Sao Paulo.

Vale will pay 37.7 billion reais ($7.03 billion) including cash payments to affected people and investments in environmental projects, the Rio de Janeiro-based company said in a statement. Vale estimates it will book an additional expense of 19.8 billion reais in 2020 results. Continue Reading →

Scrap metal company must pay for buying stolen nickel worth millions, Manitoba judge rules – by Cameron MacLean (CBC News Manitoba – February 1, 2021)

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

A Manitoba metal recycling company is on the hook after buying hundreds of thousands of pounds of stolen nickel worth millions of dollars, a judge ruled.

Court of Queen’s Bench Justice Shauna McCarthy awarded mining company Vale Canada Ltd. a summary judgment against Urbanmine, Inc., which purchased and resold 483,396 pounds of nickel stolen from a compound in Thompson, Man., over the course of nearly 10 months between July 2012 and May 2013.

In her decision on Aug. 27, 2020, McCarthy also awarded Vale a default judgment against the Schwartz Bros. construction company and a number of its employees, all but one of whom pled guilty to criminal charges related to the thefts and were ordered to pay restitution. Continue Reading →

Brumadinho dam collapse could have been predicted weeks in advance – study – by Valentina Ruiz Leotaud (Mining.com – January 24, 2021)

https://www.mining.com/

The dam collapse at Vale’s (NYSE: VALE) Córrego do Feijão mining complex in Brazil, which killed almost 300 people two years ago, could have been foreseen with the right monitoring technology.

This is according to a recent study by researchers at the University of Nottingham and Durham University, who collaborated with Terra Motion and discovered that by applying satellite radar imaging InSAR to check for small ground movements in and around dams, it is possible to predict a dam burst. Continue Reading →

Vale confirms multiple seismic events at Creighton Mine – by Jay Baxter and Marina Moore (CTV Northern Ontario – January 16, 2021)

https://northernontario.ctvnews.ca/

SUDBURY — Earthquakes Canada has confirmed least two earthquakes in the Sudbury-area overnight originated from Creighton Mine.

Greater Sudbury lit-up social media Friday night to affirm the earthquakes that were felt by residents in the city’s south-end, Copper Cliff, Chelmsford, Valley, Flour Mill and New Sudbury areas.

In a media statement issued late Saturday morning, Vale confirmed multiple seismic events took place at the mine in the late evening hours of Jan. 15. Continue Reading →

NEWS RELEASE: VALE TO DEMOLISH STOBIE MINE NUMBER NINE SHAFT THIS WEEK

Sudbury Blast from Concrete Pictures on Vimeo.

Video Release December 10, 2020

SUDBURY, December 8, 2020 – Vale’s iconic Number Nine Shaft at Stobie Mine will safely come down this week. This activity follows the careful demolition of two other shafts at the site last week and a number of buildings at the site earlier this year.

“Number Nine Shaft is a concrete structure that is 95 metres high so it must be blasted down instead of dismantled,” said Patrick Boitumelo, Head of Mining & Milling for Vale’s North Atlantic Operations. “This demolition work has been carefully planned with a team of internal and external experts and is not expected to impact the community.”

Residences and businesses in close proximity to the mine site may hear or feel minor activity related to the demolition of the Number Nine shaft this week. Construction noise and dust mitigation will be in effect. For safety reasons, the public is asked to stay away from the construction site. No public access to the demolition site will be permitted. Continue Reading →

Iron Ore Is This Year’s Hottest Commodity on China-Fueled Surge – by Annie Lee and Krystal Chia (Bloomberg News – December 10. 2020)

https://www.bnnbloomberg.ca/

(Bloomberg) — A surge in demand in China, the world’s key growth engine, risks a shortage of iron ore that’s pushed prices past $150 a ton and crowned it this year’s best-performing major commodity.

Futures in Singapore have surged almost 70% this year, hitting their highest since trading started in 2013, as China’s stimulus-led rebound fuels steel output and consumption.

The rally received an added boost from Vale SA’s cut to annual production guidance last week, while the first quarter is likely to bring elevated risks of weather disruptions for southern hemisphere producers. Continue Reading →

A low-carbon future means a big demand for key minerals. Can N.L.’s mines cash in? – by Lindsay Bird (CBC News Newfoundland & Labrador – December 6, 2020)

https://www.cbc.ca/news/canada/newfoundland-labrador/

As automakers unveil electric vehicle after electric vehicle, and innovation surges around solar panels and other renewable energies, an industry with a long history in Newfoundland and Labrador hopes to position itself to supply more of the materials needed for the green transition.

“It’s a very opportune time for the province. Mining is essential for a low-carbon future,” said Ed Moriarity, the executive director of Mining Industry NL, the province’s industry association.

Not every ore is created equal in the eyes of innovators, as demand focuses on extracting what are sometimes termed “critical minerals,” sometimes labelled “strategic” ones. Continue Reading →