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.
For the rest of this article: https://www.afr.com/street-talk/new-century-mulls-trip-to-new-caledonia-20200520-p54ung