New Century mulls trip to New Caledonia – by Sarah Thompson, Anthony Macdonald and Tim Boyd (Australian Financial Review – May 20, 2020)

New Century Resources is getting ready to spend some nickels (and dimes).  Street Talk understands the ASX-listed mining player is close to buying a New Caledonian operating nickel mine off the world’s largest iron ore and nickel producer, Vale.

While a deal had not yet been signed on Wednesday evening, sources said it was close to being finalised and expected an announcement in the coming days. New Century’s shares went into a trading halt on Tuesday, regarding “a potential material acquisition”.

The mine in question – called Goro – is located in southern New Caledonia in the South Pacific and has been on the market for the past six months.

Vale announced on December 2 last year to the New York Stock Exchange, as part of its “Vale Day”, that its New Caledonian operations were deemed “non-core” to the company’s business.

At that time, Vale said it had tapped investment bank Rothschild to give it financial advice and help it explore strategic options for its New Caledonian outpost.

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