Vale SA Plans to Book $2.85B Charge for Nickel Assets

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.”

Click here to read the full Bloomberg report.

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Equitas Resources (TSXV:EQT; FSE:T6UN) is one of the first junior resource companies in the last 20 years to hold such a large, consolidated land package in the Voisey’s Bay district. With a first-class, experienced team of professionals skilled in raising capital and managing successful exploration projects Equitas Resources has a tight share structure on early stage of nickel focused exploration. Learn more about this world class deposit.

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