- Write by:
-
Wednesday, November 27, 2019 - 10:30:31 AM
-
714 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
Iron ore pellet producer Ferrexpo said a court has prohibited the transfer of ownership and other shares-related ...
Battery metal prices are on the floor, and massive expansions by Chinese miners have been instrumental in driving them ...
Indonesian state-controlled miner Aneka Tambang (Antam) aims to launch the construction of two nickel processing ...
Ivanhoe Electric (NYSE American: IE) (TSX: IE) terest in the Samapleu-Grata nickel-copper project in Côte d’Ivoire after ...
Iron ore futures edged higher on Monday, supported by hopes of further recovery in demand in top consumer China and ...
China’s steel industry is young compared to Europe’s, and its transition to net zero may be slower as it takes a ...
Iron ore futures tumbled in Singapore, extending a stretch of volatile trading amid deepening anxiety over Chinese ...
Iron ore futures were mixed on Friday, but set for a weekly gain on mounting anticipation of a pick up in demand in top ...
The Pataz Unified Command, whose members hail from the National Armed Forces and the National Police, detained three men ...
No comments have been posted yet ...