Vale New Caledonia will cease operations at start of 2021, Vale Brazil’s chief financial officer Luciano Siani Pires announced on Bloomberg TV on Thursday October 8.
Failed negotiation
This statement comes exactly one month after Vale failed to successfully negotiate the sale of a 95% stake in Vale New Caledonia to the Australian zinc miner New Century Resources (the other 5% belong to the South province of NC) and has been unable to secure a suitable buyer in the month since negotiations collapsed, Fastmarkets wrote.
Surprise
However, the news of Goro’s mine closure in New Calezdonia has taken some quarters of the nickel market by surprise, with the asset seemingly poised to service growing class-1 nickel demand from the burgeoning electric vehicle (EV) sector, the analysts added.
Main photo > Vale SA chief financial officer Luciano Siani Pires on Bloomberg TV. Credit : Bloomberg TV screenshot.
