Vale mulls base metals spinoff to tap EV market
Vale’s Voisey’s Bay nickel-cobalt-copper mine in Labrador, where Cobalt 27 Capital holds a cobalt stream. Credit: Vale.
Vale (NYSE: VALE), the world’s no.1 nickel producer, is evaluating a potential spinoff of its base metals division as part of the miner’s growing interest in the electric vehicles (EV) sector.
The company, which is said to be in talks with Tesla and other EV supply chain actors about securing nickel from its Canadian operations, is in the midst of expanding its Voisey’s Bay site in the province of Newfoundland and Labrador.