Vale ready to complete sale of New Caledonia nickel mine, says France – Money Times

The Economy Ministry said the government will offer around 500 million euros ($ 587 million) to support the deal (Image: Vale / Instagram)

The government of France said on Wednesday that the Brazilian mining company Vale (VALE3) is ready to conclude an agreement to sell its nickel operations in New Caledonia.

A consortium including local entities and c trading commodities Switzerland Trafigura will buy operations after a recent political agreement aimed at ending months of dispute in French Pacific territory over the future of the asset.

O Ministry of Economy French informed that the government will offer about 500 million euros (587 million dollars) to support the business, mainly through loans and guarantees.

Vale’s CEO, Eduardo Bartolomeo, pointed out in the statement that “after several months of negotiation”, he is pleased to have completed the divestment, “benefiting employees, New Caledonia and all its stakeholders”.

“Vale’s intention since the beginning of the divestment process was to withdraw from New Caledonia in an orderly and responsible manner. The agreement fulfills this ”, guaranteed the company in the statement.

Vale also reaffirmed its commitment to its shareholders in transforming the base metals business, simplifying its flow of operations and enabling a continuous focus on its main assets, in addition to honoring its new pact with society, contributing to the maintenance of a sustainable environment for continuity of operations.

(Updated at 12:35 pm)

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