Hedge fund Elliott loses appeal against dismissal of LME nickel lawsuit
Judge ruled that the extreme price movement was "a once in a generation event" and that the LME acted lawfully in cancelling the trades.
Brazilian miner Vale temporarily interrupted operations at its Onca Puma nickel plant in Para state after heavy winds damaged a local electricity transmission network, it said late on Sunday in a securities filing.
Vale estimated it to have a preliminary impact of 1,500 to 2,000 metric tons on its fourth quarter nickel production, but noted it does not imply a change in its full-year output forecast of 153,000 to 168,000 tons.
The mining giant said the power transmission network is expected to be restored by Oct. 15, and it will “continue to assess the impacts on nickel production and the measures necessary to resume the affected operational processes.”
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