Vale to divest non-value adding nickel assets
Oct 25, 2012 | 02:59 PM
| Thorsten Schier
Tags
Vale,
nickel,
Canada,
third-quarter 2012,
Luciano Siani,
Peter Poppinga,
Thorsten Schier,
New Caledonia
Onca Puma
NEW YORK — Vale SA will divest its non-value adding nickel assets, it said as it released its third-quarter earnings results Thursday.
While nickel is still a core business for Vale, it is "noncore for capacity expansion" and "non-value-adding assets will be divested," according to a presentation accompanying the company’s third-quarter earnings call.
Vale had sometimes taken a "volume-over-value" approach to its assets, chief financial officer Luciano Siani said during the call.
As a result, Vale might look to divest its New Caledonia nickel project, whose start-up has been delayed due to technical issues, Siani said. The project was most recently shut down due to an incident at the acid plant in May.....
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