New Century Resources (ASX: NCZ) and Vale (NYSE: VALE) have delayed the deadline for closing the sale of the Brazilian miner’s nickel and cobalt operations on the Pacific island of New Caledonia by 45 days.
The Australian zinc producer entered into a 60-day exclusivity agreement to acquire a 95% stake in Vale Nouvelle Calédonie (VNC), the operator of the troubled Goro nickel-cobalt mine on the French territory, on May 26.
New Century said on Thursday it had made “significant progress” in evaluating the technical and commercial aspects of the transaction, but has not yet finished a definitive binding agreement.
VCN has proven a financial burden for Vale since it began operations two years behind schedule in 2010. The Rio de Janeiro-based miner first announced its intention to exit operations in New Caledonia in December.
For the rest of this article: https://www.mining.com/new-century-vale-delay-nickel-mine-deal/?utm_source=dlvr.it&utm_medium=twitter