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Brazilian mining giant Vale SA (VALE, VALE5.BR) had yet to give a date for work to resume on its $6 billion Rio Colorado potash-mining project Tuesday, as a deadline given by Argentine authorities came and went.

Neither Vale nor Argentina's Mendoza province, where Rio Colorado is located, had an official update on the status of the project, which has been idle since Dec. 22. Vale has only said that workers' holiday recess is being extended while the company "evaluates changes in the economics of the project," raising questions about whether Argentina's high inflation and weakening currency have pulled the rug out from under Rio Colorado.

Mendoza Gov. Francisco Perez, who had given Vale a Feb. 4 deadline to submit a new timeline for the project, traveled to Buenos Aires on Monday for a meeting with the federal planning minister, his press office said. Mendoza's Diario Los Andes newspaper reported that the local chief executive of Vale was expected to meet with the governor Tuesday.

Mr. Perez said in late January that Rio Colorado would be considered "abandoned" and that "the concession will expire due to noncompliance with [Vale's] commitments" if the company failed to meet the Feb. 4 deadline.

According to Los Andes, the suspension of work on Rio Colorado has put financial strain on Vale's suppliers and subcontractors in the remote region where the mine is located. Authorities are also anxious about the fate of some 4,500 workers.

Analysts at BofA Merrill Lynch, which upgraded its recommendation on Vale's shares to buy from neutral last week, said they expect the company to suspend Rio Colorado due to "very unfavorable economics." The depreciation in Argentina's currency in recent years could increase capital expenditures "by 40-50% at least," the analysts said in a report.

Vale officials, for their part, have kept mum. At a presentation to investors and analysts last week, Chief Financial Officer Luciano Siani declined to speak with reporters about the project, referencing the company's most-recent statement.

In response to an investor's question on the potential implications of suspending Rio Colorado, Mr. Siani said Vale has an "obligation to consider what we've already invested but to look at the perspective going forward" as well.

"We also have no problem today writing down from our balance sheet assets that don't offer the cash generation that's compatible with what was invested," Mr. Siani said.

Write to Paul Kiernan at paul.kiernan@dowjones.com

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Brazil's Vale Gives No Word on Rio Colorado as Deadline Passes