Vale opens first phase of $684 million copper complex expansion in Canada
Project's initial expansion is expected to add 10,000 tonnes of low-carbon nickel and 13,000 tonnes of copper production per year.
Project's initial expansion is expected to add 10,000 tonnes of low-carbon nickel and 13,000 tonnes of copper production per year.
Valentine is considered the largest undeveloped gold project in Atlantic Canada.
Cosan said it made the purchase "through a subsidiary and a combination of direct investments, equity and derivative operations."
Financial Times reported that Vale was in talks to sell a $2.5 billion minority stake in its metals business.
Miner will transfer its copper assets in the country to Salobo Metais SA and its nickel assets to a new venture it will form.
Company has been pursuing partnerships with steelmakers looking to address the challenge of finding cleaner ways to process minerals.
Building the mine is expected to cost Marathon between C$470 million and C$490 million.
Vale and Huayou plan to build a $1.8 billion HPAL plant in Sorowako, South Sulawesi, to produce 60,000 tonnes of nickel.
Shares in the world’s No. 2 iron ore producer and major nickel supplier surged 11% this week, outpacing peers.
The company also estimated its own production for the medium term at between 230,000 and 245,000 tonnes of nickel per year.