Bloomberg reported that Vale SA (NYSE:VALE) plans to book a $2.85B 4th quarter charge after it lowered the valuation of its nickel project in Onca Puma in Brazil.
As quoted in the market news:
“Chief Executive Officer Murilo Ferreira is selling assets, looking for partners and writing off unprofitable projects after shares slumped to the lowest in almost three years in September amid weaker demand from China and Europe. The company said Dec. 19 that it agreed to pay the equivalent of $553.1 million to settle Swiss and Brazilian tax disputes, of which about $451 million will be booked in the fourth quarter according to Bloomberg’s calculations.”
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