Brazil-based miner Vale has announced that it is placing its Integra coal mine complex in Australia into care and maintenance, as the operation is not economically feasible under current market conditions.
The decision is consistent with Vale's strategy to focus on discipline in capital allocation and maximizing value for its shareholders.
The Integra coal mine is 61 percent owned by Vale, while the other shareholders include Nippon Steel, JFE Group, POSCO, Toyota Tsusho Australia and Chubu Electric Power Co.