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Vale, Glencore Xstrata to Begin Formal Sudbury Basin Talks in 2014
Nov. 08, 2013 10:42AM PST
Base Metals Investing Bloomberg reported that in early 2014, Vale SA (NYSE:VALE) and Glencore Xstrata plc (LSE:GLEN) will start formal negotiations to combine some of their operations in Canada’s Sudbury Basin. Last month, news surfaced that the companies were in the early stages of discussion.
Bloomberg reported that in early 2014, Vale SA (NYSE:VALE) and Glencore Xstrata plc (LSE:GLEN) will start formal negotiations to combine some of their operations in Canada’s Sudbury Basin. Last month, news surfaced that the companies were in the early stages of discussion.
As quoted in the market news:
The two companies will seek to jointly operate nickel mines, mills and smelters in the area about 400 kilometers (250 miles) north of Toronto, Vale Executive Director for Base Metals Peter Poppinga said today on an earnings conference call. The accord would exclude refineries, he said.
‘We now find there’s a healthy environment for this kind of discussion with Glencore,’ Murilo Ferreira, chief executive officer of the Rio de Janeiro-based company, said on the same call. “We always worked with the possibility of having an unincorporated joint venture in Sudbury.”
Click here to read the full Bloomberg report.
Click here to read more about Vale and Glencore Xstrata’s Sudbury Basin operations.