Vale‘s (NYSE: VALE) base metals subsidiary said Thursday it has started a strategic review to consider selling its nickel mining and exploration assets in Manitoba.
The review is to explore and evaluate alternatives for its operations around the province’s northern town of Thompson, Vale said in a release. The report is due after June, the company said.
The assets include two operating underground mines, an adjacent mill and exploration opportunities on the 135-km long Thompson Nickel Belt.
Shares in Vale closed US2¢ higher today in New York at US$8.89 apiece, valuing the company at US$40.3 billion. The stock has fallen to its lowest level in more than four years.
1956 find
Former Canadian giant Inco, which Vale bought in 2006 for US$17 billion, discovered the ore body in 1956. Mining began in 1961.
Vale Base Metals’ finished nickel production from Thompson totalled 10,500 tonnes for the 12-months period ending Sept. 3o.
In 2021, Vale announced it was investing $150 million to extend its mining activities in the Canadian province by 10 years.
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