10/05/2012 23:52:00

UPDATE: Vale Declares Force Majeure At New Caledonia Nickel Plant

Related content
19 May - 
Vale S.A. : Vale and CMES Sign Cooperation Agreement on..
19 May - 
Vale S.A. : Vale concludes the sale of VLOCs to Cosco
Related debate
03 Mar - 
Lige her er det måske meget godt at lytte til Tom..
03 Mar - 
Har ikke råvareraktier pt, desværre Listen ..
03 Mar - 
IceT, er du selv inde i nogen af disse råvarerakt..

--Halt in shipments affects sales to one customer and business with a group of suppliers

--Force majeure declared after incident at acid plant

--No employees were affected and no environmental damage occurred, Vale says

(Updates with data on Vale's nickel output at VNC and worldwide, beginning in paragraph 5.)

RIO DE JANEIRO -(Dow Jones)- Brazilian mining company Vale SA (VALE, VALE5.BR) said it declared force majeure, effective Thursday, on some nickel sales from its Vale New Caledonia nickel operation.

The halt in shipments will affect sales to one customer and business with a group of suppliers who have been informed of the problem, Vale said in a statement.

The force majeure was declared after an incident at VNC's acid plant, which affected no employees and didn't cause any environmental damage, Vale said.

The extent of damage to the plant is still being assessed, the company said.

Vale's VNC plant, formerly known as Goro, is still ramping up to full production, which should be achieved in 2013 after a series of technical problems.

The company said in its most recent production report in late April that during the first quarter it had conducted successful tests at VNC with an integrated refinery operation and produced 1,100 metric tons of nickel oxide--proving that the product could be produced at the site in a sustainable manner.

"An important by-product was the knowledge provided by this experience, which will be very useful to further improve the production process," Vale said in the report.

Vale's total nickel output worldwide for the quarter was 56,000 tons. The company is the world's second-biggest nickel producer.

Vale expects to produce a total of 22,000 tons of nickel in the form of oxide or nickel hydroxide cake at VNC in 2012, the company said in its first-quarter earnings report.

-By Diana Kinch, Dow Jones Newswires, 55 21 7564 4495 diana.kinch@dowjones.com

(END) Dow Jones Newswires

May 10, 2012 18:52 ET (22:52 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
Ingen indlæg

Rathbone Brothers Plc : Director/PDMR Shareholding

29/04/2016 15:31:03
Rathbone Brothers Plc Director and PDMR Shareholding The Rathbone Savings Related Share Option Plan On 29 April 2016, options over Rathbone Brothers ..

Novae Group plc: Holdings in Company

29/04/2016 12:41:31
  TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi   ..

Majedie Asset Management Ltd : Form 8.3 - HOME RETAIL GROUP

29/04/2016 10:35:51
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTI..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Cnova N.V. : Cnova N.V. - Receipt of NASDAQ Notice of Deficiency
2
Annual financial statements for 2015: Challenging financial year with significant progress on strategy implementation
3
LATAM Airlines Group Announces Filing of 2015 Annual Report on Form 20-F
4
Bombardier Announces the Election of its Board of Directors
5
Statement of Fiscal Policy and Fiscal Strategy Plan presented for the first time

Related stock quotes

Vale S.A. 5.67 0.9% Stock price increasing
Vale S.A. CL 'P' 4.54 3.0% Stock price increasing
Vale 5.26 0.2% Stock price increasing
Vale Pref 15.29 1.1% Stock price increasing

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2016   Disclaimer and Terms of Use
Quote information is delivered by Interactive Data.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
30 April 2016 16:04:11
(UTC) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20160421.1 - EUROWEB2 - 2016-04-30 17:04:11 - 2016-04-30 16:04:11 - 1000 - Website: OKAY