http://www.northernlife.ca/News/Loca...
Vale says further cuts to nickel output possible
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Date Published |
Feb. 22, 2009 |
Posted by Sudbury Northern Life
Vale Inco's chief executive officer Roger Agnelli said the company may need additional cuts in nickel production after metal demand slumped, according to the Feb. 21 edition of the Globe and Mail.
"Everybody's shutting nickel production, we're shutting and may need to go further," he said in the article.
Miners worldwide are paring output as the global recession pares the use of metals. Vale is involved in negotiations on a restructuring of its Canadian nickel operations, Agnelli said.
"We're adjusting output at the high-cost Sudbury mine and doubt it's possible to sustain current production levels there," he said.
But output at Voisey's Bay should remain at full capacity, he said. VALE5 fell 1.91 Brazilian reals to 27.86 reals. ($14.62)
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