Vale to Stop Nickel Smelting, Refining in Manitoba in 2018

Reuters reported that Brazil’s Vale SA (NYSE:VALE) plans to shutter its nickel smelting and refining operations in Manitoba in 2018. Originally, the operations were scheduled for closure this year, but the company struck a deal for continuation with workers and Environment Canada.
As quoted in the market news:

Vale, the world’s biggest nickel producer, will cease smelting and refining in Thompson, Manitoba, once work is complete to allow it to produce and ship nickel concentrate from its mill, said Mark Scott, Vale’s director of mining and milling in Thompson.
London nickel futures fell on Thursday to their lowest level in seven years, less than $9,000 per tonne. Nickel has been hurt by a supply glut and softer demand from China, the largest consumer of the versatile metal, which is used in products ranging from coins to rechargeable batteries.
Scott, speaking on the sidelines of a Winnipeg mining conference, declined to say if Thompson nickel operations were losing money in light of weak prices. Vale, also an iron ore producer, last month posted a third-quarter net loss of $2.1 billion.

Click here to read the full Reuters report.