Brazilian major Vale has agreed to contribute up to $500-million of a $900-million working capital funding package as part of a possible divestment of its 95% interest Vale Nouvelle-Caledonie (VNC), which owns the Goro nickel and cobalt mine, in New Caledonia.
ASX-listed base metals miner New Century Resources in June this year struck an exclusivity agreement with Vale to negotiate the purchase of VNC.