Vale did not specify at its annual investor briefing
how it would exit the nickel and cobalt mine.
“By the first half of 2020, we will tell you what is the path going forward,” Vale’s chief financial officer Luciano Siani Pires said at Vale Day at the New York Stock Exchange (NYSE) on Monday December 2.
The reversal came almost a year to the day of Vale telling investors it would invest half a billion dollars in VNC through 2022
and raise nickel output there to 50,000 tonnes per year, from 35,000 tpy in 2018.
Actually, VNC’s production continued to fall since that re-commitment at Vale Day 2018, and this quarter Vale wrote down VNC’s value by $1.6 billion.
VNC produced 6,400 tonnes of nickel in the third quarter of 2019, 43% of its originally targeted capacity, back in 2008 when it was expected...