Vale set to pull out of Pecém

Industry Database

Brazilian mining and transport company Vale is on the verge of abandoning its Vale Pecém installations at São Gonçalo do Amarante in the state of Ceará after just two years, given a growing financial deficit. In 2016 and 2017, it lost a combined $37m.

The company was originally set up in the Zona de Processamento de Exportação, or the Export Processing Zone, to exclusively supply iron ore to Companhia Siderúrgica do Pecém (CSP), a joint venture set up by Vale and South Koreans Dongkuk and Posco.

According to independent auditor KPMG in a report delivered on August 14, 2018, there exists “relevant uncertainty regarding the company's capacity for operational continuity”.

Despite questions about its long-term future, Vale has guaranteed to supply financial support until at least December so that the company can cover its contractual obligations and continue to operate without having to worry too much about its finances.

However, on October 2, 2017, Vale agreed to sell its subsidiary to CSP for $30m.

LATEST PRESS RELEASES

MAN 175D Selected for First IMO Tier IIICompliant Harbour Tug Designed for Operation in Mediterranean

2 x IMO Tier III-compliant 12V175D MM engines to power harbour pusher tug Read more

First mobile 3D sensor system with integrated 2D camera and overlay function – now all in one.

This 3D smart camera from ifm electronic designed for mobile applications is the first 3D sensor sys... Read more

ShibataFenderTeam delivered Cone Fenders to new Hutchison Icave Container Terminal

In 2018 the Hutchison Icave Port in Veracruz, Mexico was expanded by a new container terminal. Shiba... Read more

TGI’s NEW Dashboard Module.

The “Dashboard” module allows you to create one or more dashboards. Read more

CodaOctopus® Underwater Survey Explorer ("USE") Version 8.5 Release

Coda Octopus is pleased to announce the release of Version 8.5 of CodaOctopus® Underwater Survey Exp... Read more

Coda Octopus Launches New Echoscope4G Series

Coda Octopus now completes the launch of its full series of patented Fourth Generation real-time 3D ... Read more

View all