October 16, 2018 / 2:32 PM / a month ago

Brazil's Vale to wait for major price rebound before investing in nickel - CEO

RIO DE JANEIRO, Oct 16 (Reuters) - Major Brazilian mining company Vale SA will only make new investments in nickel if global prices for the metal rise from their current price below $13,000 per tonne to around $20,000 per tonne, the firm’s chief executive said on Tuesday.

The firm would wait for a price recovery before using nickel reserves, and the company’s previous reduction in nickel production was a “conscious” decision, Fabio Schvartsman said at an event hosted by FT Commodities in Rio de Janeiro. (Reporting by Marta Nogueira; Writing by Gram Slattery; Editing by Bernadette Baum)

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