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Bloomberg reported Vale SA (SAO:VALE3) forecasts it will miss base metal output targets for the second year in a row.
Bloomberg reported Vale SA (SAO:VALE3) forecasts it will miss base metal output targets for the second year in a row.
As quoted in the market news:
Chief Executive Officer Murilo Ferreira, who led Vale’s $18.2 billion takeover of Canadian nickel producer Inco Ltd. (PCTN) in 2006 as head of base metals, said last month the Rio de Janeiro- based miner is studying options for the unit. Vale, the world’s second-largest mining company, is refocusing on its more profitable iron-ore business, said Rogerio Zarpao, an analyst at Banco J Safra SA.