Hey there, time traveller!
This article was published 11/10/2013 (957 days ago), so information in it may no longer be current.
SUDBURY, Ont. -- Glencore Xstrata PLC and Vale SA are in preliminary talks about combining their nickel mine operations in Sudbury, Ont., reports said Friday.
Citing sources, the Globe and Mail and Reuters said the two companies have begun "exploratory" discussions as part of an effort to cut costs.
Vale declined to comment when asked about the report, while Glencore was not immediately available for comment.
Nickel prices, which started the year close to $8 per pound, have fallen to trade around $6 to $6.50 per pound.
Vale, which is based in Brazil, owns the former Inco Ltd. nickel operations in Sudbury that it bought in 2006, while Xstrata holds the former Falconbridge Ltd. operations it acquired the same year.
Vale and Xstrata also held talks regarding a possible merger that were called off in March 2008.
Vale has an operation in Thompson that employs more than 1,000 people.
-- The Canadian Press