Vale Nickel Mine Investment
Nickel prices will have to rise dramatically before Vale makes new investments in nickel
Nickel prices will have to rise dramatically before Vale makes new investments in nickel, reports said Tuesday.
Fabio Schvartsman, the firm’s chief executive, said the Brazilian mining giant is waiting for global prices of nickel to reach $20,000 per tonne from their current price of less than $13,000 per tonne.
Reuters said the firm would wait for a price recovery before using nickel reserves, and the company’s previous reduction in nickel production was a “conscious” decision, Fabio Schvartsman said at an event hosted by FT Commodities in Rio de Janeiro.
Many analysts predict the metal has a bright future amid surging demand for battery commodities.
Vale remains Sudbury’s largest employer. It has six mines, a mill, a smelter, a refinery and nearly 4,000 employees in Sudbury. Metals mined here include nickel, copper, cobalt, platinum group metals, gold and silver.