- Write by:
-
Wednesday, November 27, 2019 - 10:30:31 AM
-
729 Visit
-
Print
Mining News Pro - Brazilian miner Vale SA, the world’s top nickel producer, will write down its New Caledonia mine and incur a non-cash impairment charge of about $1.6 billion in the fourth quarter, the company said on Tuesday in a securities filing.
According to Mining News Pro - Vale said its annual assets review of its base metals and coal business is still underway and further impairments charges that would also impact fiscal year 2019 cannot be ruled out.
The $3 billion value of the New Caledonia operation will be reduced by $1.6 billion, Vale said. The charge will not have any cash flow impact and will be treated as an exceptional item, it said.
The miner said it also revised the coal mining plans for its Moatize mine, in Mozambique, which will be closed for three months next year for maintenance.
Vale failed to sell its stake in New Caledonia mine, which has been beset by technical setbacks, a chemical spill and violent protests. The company gave up trying to sell a stake or find a partner to invest in the mine in 2018, after years of failed efforts to attract investors.
Short Link:
https://www.miningnews.ir/En/News/449337
Brazil’s Corumba region could more than double iron ore shipments through neighboring Uruguay this year if there is ...
When former boss Mark Cutifani left Anglo American Plc in mid-April 2022, things had rarely looked better for the ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
Iron ore futures were poised for a third straight weekly rise as prices largely consolidated gains on Friday, with ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Teck Resources, Canada’s largest diversified miner, saw its copper production jump by 74% in the first three months of ...
Anglo American Plc said it is has received an unsolicited non-binding combination proposal from BHP Group.
Mining company Vale expects to reach a final agreement with authorities for reparations for the collapse of the Samarco ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
No comments have been posted yet ...