Vale SA’s Canadian Unit Resumes Work; Nickel 3-Month Price Rises 2.7%

Vale SA’s Canadian unit is back to “work on its Copper Cliff Deep nickel project in the Sudbury basin and expects to complete a feasibility study by the end of the year, a company executive said on Monday,” reports Reuters.

“The project is expected to cost somewhere in the range of a billion dollars to build and could be one of the unit’s lower-cost operations, said Kelly Strong, Vale’s vice president of Ontario and UK operations.”

“If it goes ahead, the revised project, now dubbed Copper Cliff Mine, would be another boost for the Sudbury basin in northern Ontario, where Vale recently opened Totten, its first new mine in more than 40 years.”

“‘It’s going to look a little bit different than the original project – it’s going to be three phases,’ said Strong.”

“The project would merge and expand what are now two separate mines. Its earlier incarnation was put on hold in the wake of the 2008 financial crisis. In 2010, Vale Canada said it was re-evaluating the project, though work did not proceed.”

In metal price news for stainless steel and nickel…

On Monday, March 3, the 3-month price of nickel experienced the biggest change, rising 2.7 percent on the LME to $14,595 per metric ton. On the LME, the spot price of nickel inched up 2.5 percent to $14,540 per metric ton. The cash price of primary Indian nickel increased 0.9 percent.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged. For the fifth consecutive day, the price of Chinese ferro-moly held flat.

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Just off of a 30-day low, the price of Chinese primary nickel rose 0.5 percent on Monday. The price of Chinese 316 stainless coil continues to hover for the fifth day in a row. The price of Chinese 304 stainless coil saw little movement. The price of Chinese 316 stainless steel scrap remained essentially flat. The price of Chinese 304 stainless steel scrap held steady.

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