Deep sea mining puts $560 billion in land extraction at risk — report
Even in optimal scenarios, the activity would generate only $6.25 million in tax revenue for countries involved, says Planet Tracker.
Vale (NYSE: VALE) is not seeking new partners for its base metals unit following a recent equity sale, but could consider an IPO for the unit within three or four years, CEO Eduardo Bartolomeo said on the sidelines of the Financial Times Mining Summit held in London, according to Notícias de Mineração.
The executive said the priority is to execute Vale Base Metals’ projects and expedite growth.
Vale Base Metals said last month it is committing $10 billion to investment in Indonesia over the next decade.
The investment is part of the company’s plan to spend $25 billion to $30 billion on new projects in Brazil, Canada and Indonesia over the next decade.
The miner aims to nearly triple copper output to 900,000 tonnes a year in 2030 from 335,000 to 370,000 tonnes this year. The goal is to almost double nickel production at the same time to 300,000 tonnes per year from 160,000 to 175,000 tonnes in 2023.
Vale shares were up 2.6% to $13.21 on Tuesday at mid-day in Toronto, valuing the company at $58.7 billion. Its shares traded in a 52-week range of $12.22 and $19.31.
(With files from Reuters)
