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Vale Says It Resumed Some Canada Nickel Output

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RIO DE JANEIRO, Sept. 10 -- Vale SA, the world's second-biggest nickel producer, resumed production at its Thompson mine and refinery in Manitoba after maintenance as world nickel prices declined because of slackening demand.
&nbsp;&nbsp;&nbsp; The plant is now &quot;up and running&quot; after a one-month stop for the scheduled work, Cory McPhee, a spokesman for Vale's nickel unit in Toronto, said today in a phone interview. Output at Vale's two other Canadian nickel mines, at Sudbury and Voisey's Bay, remains halted because of a strike.
&nbsp;&nbsp;&nbsp; Vale stopped operations at Thompson on Aug. 1, the same day a strike halted its Voisey's Bay nickel plant in Newfoundland. Output at Sudbury, Vale's largest Canadian mine in Ontario, stopped on July 13 after a company proposal on benefits was rejected by unionized workers. There are no new talks scheduled.
&nbsp;&nbsp;&nbsp; &quot;The Thompson restart may bring negative sentiment to the nickel market,&quot; said Marcos Assumpcao, Sao Paulo-based analyst with Itau Unibanco Holding SA, in a telephone interview. &quot;Nickel is experiencing temporary demand weakness on slightly- higher-than-average stainless steel stocks.&quot;
&nbsp;&nbsp;&nbsp; Nickel is a raw material used in the production of stainless steel. London Metal Exchange 3-month nickel prices yesterday stood at $17,950 a ton, 12 percent lower than their Aug. 13 high of $20,605 a ton.
&nbsp;&nbsp;&nbsp; Last year Thompson provided 28,900 metric tons of Vale's Canadian nickel production of 191,700 tons, according to the company's annual production report.
&nbsp;&nbsp;&nbsp; OAO GMK Norilsk Nickel is the world's largest nickel producer.
&nbsp;&nbsp;&nbsp; Vale fell 4 centavos, or 0.1 percent, to 33.75 reais in Sao Paulo trading today. The stock has dropped more than 40 percent this year.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg) 
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