Vale acquires Oman’s OQ 30% stake in Vale Oman
OQ, formerly known as Oman Oil Company, bought the stake from Vale in 2010.
OQ, formerly known as Oman Oil Company, bought the stake from Vale in 2010.
The Bahodopi project will produce ferronickel with 73,000-80,000 tonnes of nickel content per year, Vale said.
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.
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