Brazilian miner Vale has concluded the sale of its stake in Vale New Caledonia (VNC), which operates the Goro nickel mine and a processing plant, to the Prony Resources New Caledonia consortium, the company said on Wednesday March 31.
The deal includes a $1.1-billion financial package, of which Vale will contribute $555 million, according to a filing with the Brazilian securities and exchange commission, CVM. The Brazilian company also committed to securing funding of the "Pact for the Sustainable Development of the Deep South," it added.Vale will maintain rights to long-term nickel supply from VNC, the...