General Motors competes for stake in Vale’s base metals unit
Automakers have been stepping up efforts to lock in supplies of nickel and copper.
Automakers have been stepping up efforts to lock in supplies of nickel and copper.
Vale blamed seasonally higher rainfall levels in its mines in Brazil for missing its forecast.
Brazil's Institutional Relations minister on Friday said the government would try to ink a deal "as soon as possible" to compensate victims.
Vale said last week that it plans to spend about $1.5 billion this year on repairs related to the disaster.
SPC believes that the West Graham and Crean Hill 3 deposits constitute the eastern and western portions of a large, near-surface nickel-copper sulphide deposit.
The rupture of the structure unleashed a giant wave of mud that killed 270 people.
Vale Base Metals, to be based in the UK, will have nickel mines in Canada and Indonesia, copper mines in Brazil, and interests in cobalt and platinum group metals.
The Brazilian mining giant has been slowly ramping back up after losing its mantle as the world’s biggest producer of the steelmaking raw material.
Vale will separate the base metal assets from its iron ore operations and unveil a strategic partner in the first half of 2023.
Although Samarco, a joint venture between BHP and Vale, operated the dam, the class action involving around 200,000 people does not name Vale.