November 8, 2017 / 9:10 PM / 7 months ago

Brazil's Vale says received bids for New Caledonia nickel project

RIO DE JANEIRO (Reuters) - Brazil’s miner Vale SA said on Wednesday it had received bids to invest in its New Caledonia nickel project as the company reevaluates its nickel business.

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

“We have just received proposals from bidders. The process continues,” a Vale spokeswoman said in a written statement, without giving further details.

Vale said in September it was looking for new partners in the mine, located on a Pacific island. Vale had previously said it was reviewing its nickel business amid low market prices for the metal and closed two of its higher cost Canadian mines last year.

Reporting by Alexandra Alper, writing by Jake Spring; Editing by David Gregorio

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