Brazil's Vale signs long-term deal to supply Tesla with nickel

FILE PHOTO: Brazilian mining company Vale SA logo and trading symbol are displayed on a screen at the New York Stock Exchange (NYSE) in New York, U.S., December 6, 2017. REUTERS/Brendan McDermid/File Photo

SAO PAULO (Reuters) – Brazilian miner Vale SA said on Friday it has signed a long-term deal with Tesla Inc to supply the U.S.-based electric vehicle maker with nickel coming from its Canada operations.

Vale did not provide financial details on the deal and did not say for how long it will last.

The Brazilian miner said in a securities filing that the agreement involves supplying Tesla with low-carbon class 1 nickel and is in line with its strategy of increasing its exposure to the electric vehicle industry.

Vale said it aims for between 30% and 40% of its class 1 nickel sales to go to the fast-growing sector.

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