VALE INCO ANNOUNCES NAME CHANGE TO VALE
For immediate release
TORONTO, Ontario, May 27, 2010 – 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 Onça 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.
Contact
Cory McPhee
Vice-President, Corporate Affairs
Vale Inco Limited
416.361.7669
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