Vale evaluates offers for $2.5 billion base metals unit
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.
Coal is seeing a dramatic spike in demand just as several major miners are hit with production problems, sparking a surge in prices from China to Europe and the US.
The world’s biggest coal miner is about to enter negotiations with trade unions over potentially hefty pay hikes at a time when the global push for clean energy is putting the industry’s future into doubt.
Bottlenecks at London Metal Exchange registered warehouses in Malaysia owned by metals storage firm ISTIM UK are adding to the difficulties aluminum consumers in the United States and Europe face in getting the metal they need.