Vale to wait for major price rise before investing in nickel, CEO says

|About: Vale S.A. (VALE)|By:, SA News Editor

Vale (VALE +1.4%) will make new investments in nickel only if global prices for the metal rise from their current price below $13K/metric ton to ~$20K/ton, CEO Fabio Schvartsman says.

Vale owns the world's biggest undeveloped nickel deposit in Indonesia but would wait for a price recovery before using nickel reserves, and its previous reduction in nickel production was a “conscious” decision, the CEO says.

Schvartsman says the company will not push iron ore production above 400M metric tons; he sees iron ore prices remaining between $65-$70/ton well into next year.

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