Vale Suspends Nickel Sales

Reuters reported Vale (NYSE:VALE) will suspend sales and purchase agreements at its Goro project on the French Pacific island of New Caledonia after an accident at the mine’s sulfuric acid plant.

As quoted in the market news:

Rio de Janeiro-based Vale declared “force majeure” after the accident, a legal term allowing a company to ignore contractual obligations when faced with events outside of its control.

The declaration affects shipments to a single Vale client and shipments from a group of suppliers, Vale said.

Click here to read the full Reuters report.