Vale lays off staff as mining operations worldwide reckon with low nickel prices
CBC
Vale is cutting jobs throughout its global operations to remain competitive as the price of nickel continues to slump.
The company is refusing to say how many of its Sudbury employees are included in this round of layoffs.
In a statement it says "people in non-operating roles" will be leaving as the mining giant moves towards a "new decentralized structure."
Decentralization in a corporate mining context could mean more planning happening directly at the mine site with operational teams and less at the head office.
Vale says the restructuring is necessary as it puts the company in a position to "better withstand current market conditions."
The North American nickel market is currently facing a double blow. The demand and high prices forecasted in recent years has not materialized as China develops batteries that don't contain nickel.
On the supply side, Indonesia's operations have flooded the market, exerting more downward pressure on nickel prices.
George Heppel is BMO's vice-president of commodity research. He says the performance of the nickel sector isn't living up to the expectations the industry had a couple of years ago.
"It's really taken the whole market by surprise," he said.
"And it's not just the miners. I think a lot of the electric vehicle companies as well have been surprised by how quickly battery technology companies have been able to sort of thrift out nickel."
Heppel says some nickel operations over invested in the late 2010s anticipating there would be a potential shortage of the material as electric vehicle sales increased.
"We have seen a degree of over investment as a result," he said.
Heppel also says it's difficult to understate the influence China and Indonesia have had on the market in recent years.
Although nickel prices are weak, he says China continues to invest in Indonesia's nickel operations.
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