Boston, MA 04/02/2014 (wallstreetpr) – Vale SA (ADR) (NYSE:VALE) is all set to enter into new projects, derive benefits from new rules, which might favor future transactions and has been planning new partnership deals. The Company is evidently moving in a direction, which would certainly lead to growth and development
Taxation Double-Trouble
The Chief Executive Officer of a company, which is the world’s largest iron ore producer, that is, Vale SA (ADR) (NYSE:VALE), said that he was expecting the new rules regarding the reduction of double taxation on the foreign units functioning in Brazil to come out in the weeks or months to come. Murilo Ferreira, the Chief executive Officer also told the reported of Brasilia that the new rules would be issued under a presidential decree, which currently is being negotiated with the Congress of Brazil.
The Nickel Project
An executive from Vale SA (ADR) (NYSE:VALE) revealed that Vale has resumed its work on the Copper Cliff Deep Nickel project and is all set to complete a feasibility study later this year. The project is situated in the Sudbury Basin. Vale Vice President of U.K. and Ontario’s Operations, Kelly Strong said that the setting up of this project might involve the investment of a billion dollars and is expected to be one of the low-cost operations as compared to the other operations taken up by the unit.
The project has been revised and now named Copper Cliff Mine and could add up to the success of the new mine called Totten which Vale SA (ADR) (NYSE:VALE) recently opened in Ontario, 40 years after the opening of its first mine. The Board of Directors of Vale has given this project a go-ahead signal and Strong says that production could begin in another 2 to 3 years. Strong also revealed that Vale could enter into a partnership deal with Glencore this year in relation to their adjacent nickel projects.
