MEDIA RELEASE PR39738
Vale Inco announces name change to Vale
TORONTO, Ontario, Canada, May 27/CNW-AsiaNet/--
Vale Inco announced the natural next step in the company's evolution today by
changing its name to Vale - a milestone that aligns it more fully with other Vale
operations worldwide and reflects it position as part of the world's second largest
mining company.
A world leader in nickel, the former Inco Limited was acquired by the
former CVRD in late 2006. It has operated around the world as Vale Inco since
2007 when CVRD rebranded itself as Vale.
"Our global nickel business will continue to be headquartered in Toronto,
Canada," said Tito Martins, President and CEO of Vale's nickel operations. "We
have a very strong team in place and are building a long-term future for our
operations around the world in Canada, Indonesia, New Caledonia, the United
Kingdom, China, Japan and Brazil. Our nickel business today is larger than it
was in 2006, when we first invested in Inco and we are building on that
investment every day.
"We are positioning our company to meet the challenges of an increasingly
competitive global marketplace," he continued. "Our objective is to ensure a
sustainable, successful future for the business and the people and communities
who rely on it."
Vale's nickel business has more than 11,000 employees worldwide and net
sales in 2009 of US$3.26 billion, accounting for 13.6% of Vale's overall
global revenue. The management team in Toronto oversees a global business
committed to significant production upgrades, capital investments and new
projects that hold forth the potential for further growth in Canada and
internationally.
When Vale acquired Inco in 2006, it was the largest-ever acquisition by a
Latin American company. "It was a defining moment in our history," remarked
Roger Agnelli, President and CEO, Vale. "We stepped boldly onto the global
stage and since that time our growth has continued, with our nickel operations
playing a vital role in achieving our international ambitions.
"We have overcome many challenges and today stand poised to complete
significant investments in new nickel operations at Goro in New Caledonia and
Onca Puma in Brazil, said Mr. Agnelli. "In Canada, we are opening the first
new mine in our Ontario Operations in close to 40 years, at Totten, and are
constructing a new state-of-the-art hydromet processing facility at Long
Harbour in Newfoundland. All of this is building towards positioning Vale as
the leading, safest and most profitable nickel company in the world - which is
our ultimate objective."
"While our name is changing, we are still the very recognizable company
our employees and communities have come to know," continued Mr. Martins. "We
are proud of our Inco heritage and its rich 107-year history - the record of
accomplishments and the employees who made them possible were a large part of
what attracted Vale in the first place. That experience and that commitment to
excellence will continue to drive us going forward. Today's announcement
builds on the achievements of our past to help create an exciting and
prosperous future."
The roll-out of the Company's new name will occur across its Canadian and
global operations over the coming weeks and months.
About Vale
Vale is the second largest diversified metals and mining company in the
world, the world's largest producer of iron ore, and the world's second
largest producer of nickel. Vale also produces manganese, ferroalloys, thermal
and coking coal, bauxite, alumina, aluminum, copper, cobalt, platinum group
metals, potash and kaolin. Vale is the largest private sector company in Latin
America with a market capitalization of around US$ 150 billion and more than
500,000 shareholders on all continents.
SOURCE: Vale Inco Limited
CONTACT: Cory McPhee,
Vice-President,
Corporate Affairs,
Nickel Business, Vale Limited,
+1(416) 361-7669,
cory.mcphee(at)valeinco.com/
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