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Clement addresses Vale Inco's shutdown

In the wake of Vale Inco’s announcement of an eight-week shutdown of it’s Ontario mining operations, the Canadian government has asked Vale to explain it’s plans and said it will ensure the Brazilian mining company meets it’s obligations.
Northern Ontario Business Staff

 

In the wake of Vale Inco’s announcement of an eight-week shutdown of it’s Ontario mining operations, the Canadian government has asked Vale to explain it’s plans and said it will ensure the Brazilian mining company meets it’s obligations.
Industry Minister Tony Clement said the government is examining how the shutdown affects the legally binding commitments made by Companhia Vale do Rio Doce, under the Investment Canada Act, when they acquired Inco in 2006.
Clement said he expects those commitments to be fully respected and will explore all available options to address the situation.
The shutdown, announced April 16, is expected to begin June 1.
Vale is not going to meet with the minister. Instead a letter was sent to the company asking for explanations and clarifications.
“Vale made legally binding commitments under the Investment Canada Act...I expect to be fully respected on behalf of the workers,” said the Minister. "Over the next few days, we will be exploring all available options, including legal options, to address this situation.”