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Nickel May 09, 2014 02:05:46 AM

Nickel Surges to Two-Year High After Vale Halts Its Goro Mine

Paul Ploumis
ScrapMonster Author
Vale, the mining giant halted the production at its New Caledonia's Goro nickel mining plant due to acidic effluent spill.
Nickel Surges to Two-Year High After Vale Halts Its Goro Mine

NOUMEA (Scrap Monster): Vale, the mining giant halted the production at its New Caledonia's Goro nickel mining plant due to acidic effluent spill. The president of New Caledonia’s Southern Province, Cynthia Ligeard, ordered Vale, the second largest nickel producer in the world to cease the operations immediately, after the spilling of about 100,000 liters of effluent up in a creek.

A joint mission sent by the provisional government and the environmental authority evaluate the state of the plant worth USD 6 billion. Vale said that the effluent spill is due to the solution transferring circuit misconfiguration and now the water quality in creek is back to normal.

Due to this spillage, nickel price hit a two year high in LME during Thursday, reached $19,786. This is the biggest one day rise in four year apart from supply concerns due to Indonesian bar on nickel. This year, the Goro mine had targeted to deliver around 40,000 tonnes of nickel this year. Glencore Xstrata also said that outturn from its Koniambo Mine, also in New Caledonia had been unsatisfactory. 

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