Vale Puts Indefinite Hold on $6 Billion Potash Project

Reuters reported that Vale has suspended its potash project in Argentina indefinitely.

As quoted in the market report:

Vale Chief Executive Officer Murilo Ferreira is selling assets and canceling projects as the company is set to post the lowest annual profit in three years. Vale is in talks with a potential partner for the Rio Colorado project, Roger Downey, head for fertilizers and coal, said on Dec. 12. Last month the company cut the 2013 budget for the project to $611 million from $1.08 billion last year.

To view the full Reuters report, click here. 

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Potash West NL (ASX:PWN,OTCPINK:PWNNY) dominates mineral tenure in Western Australia, one of the world’s largest glauconite deposits, with 12 exploration licenses and applications covering an area of more than 2,600 km2.

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