Base metals miner New Century Resources has struck an exclusivity agreement with major Vale to negotiate the purchase of a 95% interest in the issued shares of Vale Nouvelle-Caledonie (VNC), which owns the Goro nickel and cobalt mine, in New Caledonia.
Vale said on Tuesday that the negotiations between the two companies would include a financial package aiming to support the transition and continuity of VNC operations from VCL to New Century, while the parties also plan to jointly engage with the French State to secure continued financing support.