Problems involving two furnaces in the Brazilian nickel mine Onca Puma and a drop in the price of aluminum have forced the Brazilian mining company Vale to carry out a write-down of US$4.2 billion before taxes.
“The issues with the two furnaces of Onça Puma determined the total stoppage of its ferronickel operations since June 2012. After analyzing the case, Vale decided to rebuild one of the furnaces, at an estimated cost of US$ 188 million in 2013, and plans its start up in the fourth quarter of 2013. Given this event and in face of the current market environment for ferronickel, the valuation of Onça Puma determined the need to recognize an impairment charge before tax of US$ 2.848 billion,” writes Vale.
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