Vale takes US$4.2b write-down on nickel, aluminium assets

Brazil’s Vale, the world’s No. 2 mining company, said it has decided to take a US$4.2 billion write-down on its nickel and aluminum assets, increasing its fourth quarter write-downs to US$4.65 billion.

The giant miner said in a securities filing that it will book the non-cash, pre-tax charge in the fourth quarter.

Vale also reduced its estimate of the market value of its 22 per cent share of Norwegian aluminium producer Hydro by US$1.3 billion to below the book value of its investment, which will impact the company’s fourth quarter net earnings.

via Business feed http://www.scmp.com/business/companies/article/1109720/vale-takes-us42b-write-down-nickel-aluminium-assets