Australian miner set to acquire New Caledonia’s Vale nickel plant

Noumea: New Caledonia’s Vale nickel company says a deal has been struck with New Century Resources of Australia for the Melbourne-based miner to buy its assets.

The head of Vale confirmed to media in Noumea that a tentative agreement for a sale was signed, with its financing to be finalised within two months.

New Century’s chief executive Patrick

Walta also confirmed the arrangement to

Australian media.

Vale’s Brazilian parent company put its 95 per cent stake in the New Caledonian plant up for sale in December after running up losses in the hundreds of millions of dollars.

Accompanying the sale plan was a restructure of the operation for which US$US120 million (FJ$267 m) was approved.

Up to 140 employees were expected to lose their job once the nickel refinery closed as Vale prioritised making NHC, or nickel hydroxide cake, which is in demand for batteries for electric vehicles.Source: