Say goodbye to the abbreviation CVRD. Companhia Vale do Rio Doce, the Brazilian mining giant, has changed its name to Vale (RIO-N).
The same goes for its Toronto subsidiary CVRD Inco, which will now be known as Vale Inco.
Likewise, Voisey’s Bay Nickel Co., a wholly owned subsidiary of Vale Inco, will soon change its name to Vale Inco Newfoundland and Labrador Ltd.
Other name changes are in the works for joint ventures such as PT Inco in Indonesia and Goro Nickel in New Caledonia, but will first require consultation with shareholders.
Vale (pronounced “vah-lay”) means “valley” in Portuguese. The company says the new name is meant to signify new beginnings, new opportunities and a positive outlook for the future.
“As a mining company, ‘Vale’ reminds us of both our dependence on the Earth’s riches and our important role as stewards of the natural environment,” said Vale Inco’s president and CEO Murilo Ferreira.
Ferreira said that “Inco” was kept to show pride for the company’s heritage.
Vale Inco spokesperson Cory McPhee said the parent company went through a comprehensive process before it decided on Vale.
With the new name comes a new logo, McPhee said, which can be seen on the company’s website.
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