November 26, 2019 / 11:10 PM / 15 days ago

Vale sees $1.6 billion impairment charge for Q4 in New Caledonia write down

RIO DE JANEIRO, Nov 26 (Reuters) - Brazilian miner Vale SA , the world’s top nickel producer, will write down its New Caledonia mine and incur a non-cash impairment charge of about $1.6 billion in the fourth quarter, the company said on Tuesday in a securities filing.

Vale said its annual assets review of its base metals and coal business is still underway and further impairments charges that would also impact fiscal year 2019 cannot be ruled out. The charges will not have any cash flow impact and will be treated as exceptional items, it said. (Reporting by Anthony Boadle Editing by Chris Reese)

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