China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Brazil’s Vale (NYSE:VALE) on Thursday announced it will shutter its nickel smelting and refining operations in Canada’s Manitoba province in 2018.
The operations were originally set to end this year, but the government stepped in to extend work for at least another three years reports Reuters.
Mining and milling at the Thompson mine will continue and the Rio de Janeiro-based company said it will finish a feasibility study to expand the mine early in 2016, but won’t advance the project beyond this stage until prices recover.
Vale, the world’s largest iron ore and nickel producer, has been hit by a fall in the price of both commodities.
Iron ore fell to a close to a decade low of just over $45 a tonne on Thursday while nickel has weakened to below $9,000 a tonne, the lowest since 2008.
3 Comments
onemansopinion
I started my mining career in Thompson back in 1969. I remember walking past the smelter/refinery on my way to work at T1. I guess this is what happens to every mine at some point…when the ore begins to run out.
Whatever...
The ore didn’t run out, they’re still mining and milling, but they’re going to ship their concentrate to Sudbury I believe because they didn’t want to upgrade the Thompson site to meet the new government emission regulations.
Carlos A. Espinoza
Has it been VALE good for Ontario?