Vale to mothball New Caledonia mine if no stake buyers found, CEO says
The future of New Caledonia mine is considered a key test for CEO Schvartsman, who pledged to improve shareholder returns.
The future of New Caledonia mine is considered a key test for CEO Schvartsman, who pledged to improve shareholder returns.
The company also said is ready to shut Caledonia mine mid-next year if it has not found a strategic partner ready to buy a 20 to 40% stake in the project.
Fabio Schvartsman also said the company would do everything to resume operations as soon as possible at the Samarco mine.
The Brazilian miner revealed these expectations in a presentation to investors in New York on Wednesday.
"The first thing we are going to do with the cash is pay debt, and then we are going to make this company's shareholders happy as never before," said Chief Executive Officer Fabio Schvartsman.
BHP Billiton Ltd and Vale SA have secured a 150-day extension from a Brazilian court to negotiate a settlement of a $48 […]
Brazil's Vale SA denied that it had decided to postpone the sale of a stake in the New Caledonia nickel mine, saying it is continuing to look for a partner.
The miner denied it had decided to suspend the sale of a stake in its loss-making New Caledonia nickel mine (VNC), and added that its plan to find a partner is still a go.
The sale may be delayed for up to a year, a setback to efforts by the world’s largest iron ore producer to offload non-core assets.
Miners' lawyers filed documents late Thursday requesting that the presiding judge suspend two civil suits from 2015 Samarco dam spill.