Vale’s plan to turn around $40bn unit suffers fresh blow

Vale’s plan to turn around its copper and nickel-mining unit is taking longer than expected, risking a delay to a possible sale or spinoff of a group the miner says could be worth $40-billion.

The world’s second-largest iron producer slashed its annual goal for copper output by 19% as it grapples with extended maintenance and additional stoppages at some mills. In the first six months of the year, Vale’s nickel and copper production fell 10% and 25%, respectively.