Vale Drops Potash Venture in Argentina to Maintain Cash

Brazil’s Vale SA (NYSE:VALE), mothballed its $5.9-billion Argentina-based Rio Colorado potash venture after suspending work at the project in January.

As quoted in market news:

“Major miners are continuing to shed assets, especially those that have greatly surpassed their cost expectations, and slash budgets,” said Robert Verderese, a trader at Knight Capital Group Inc. in New York. “I would expect more to come from Vale.”

Click here to read full Bloomberg article.