December 4, 2018 / 7:45 PM / 14 days ago

Vale to go it alone on $500 million investment in New Caledonia nickel mine

FILE PHOTO: The logo of Vale SA is pictured in Rio de Janeiro, Brazil, August 7, 2017. Picture taken August 7, 2017. REUTERS/Ricardo Moraes/File Photo

RIO DE JANEIRO (Reuters) - Vale, the world’s top nickel producer, plans to invest $500 million from 2019 to 2022 in its New Caledonia nickel mine “on our own,” its chief executive said on Tuesday.

Fabio Schvartsman said on the sidelines of an investor day presentation that Vale opted to boost investment in the nickel mine as it sees demand for the base metal picking up as part of an expected electric vehicle revolution.

The Brazilian miner has previously said it was seeking a partner to jointly invest in the project, located on a Pacific island, this year.

Reporting by Rodrigo Campos; Editing by Christian Plumb

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