Vale orders 10 more mega-carriers
Brazilian giant's Valemax vessels capable of carrying double the ore of competitors' fleets changes the China export game.
Brazilian giant's Valemax vessels capable of carrying double the ore of competitors' fleets changes the China export game.
Mega-carriers docking in China will see Brazilian giant Vale double export volumes to China over the next five years.
Vale’s companywide nickel production in the second quarter of 2014 was 61,600 tonnes, an 8.6% drop from the first quarter and 5.3% fall from the year-ago period.
Nickel prices have surged this year, making rationalization and cost-cutting in the Sudbury basin less urgent.
The project is considered vital for Vale as the miner has been losing market share to Rio Tinto and BHP Biliton.
Currently Vale supplies 12% to 14% of China’s consumption of the steel-making ingredient.
Write-downs also hurt bottom line, yet production robust.
CEO Murilo Ferreira thinks the ore may get close to 2011’s peak of $168 a ton.
Vale said the tribe wants to modify an agreement to mitigate the mine's impact on its community's development.