Vale Canada Limited, doing business as Vale Base Metals,[1] is a majority owned subsidiary of the Brazilian mining company Vale with Manara Minerals holding a 10 per cent minority share. The company was created from the former Inco, which Vale acquired in 2007. Vale's nickel mining and metals division is headquartered in London with a corporate center in Toronto. It produces nickel, copper, cobalt, and other Platinum Group Metals. Prior to being purchased by CVRD (now Vale) in 2006, Inco was the world's second largest producer of nickel, and the third largest mining company outside South Africa and Russia of platinum group metals. It was also a charter member of the 30-stock Dow Jones Industrial Average formed on October 1, 1928.
History
Takeovers (2005–2006)
On October 11, 2005, Inco's CEO Scott Hand announced a friendly takeover bid to buy out the operations of longtime rival Falconbridge for $12 billion.[2]