Sale of stake in New Caledonian unit part of push to tackle underperforming assets
LONDON: Vale is searching for a partner to invest in one of the world’s biggest nickel mines as part of a push by its new chief executive Fabio Schvartsman to reduce debt and get to grips with underperforming assets.
The Brazilian miner is working with Scotiabank to sell a stake in Vale New Caledonia (VNC) on the remote South Pacific island of New Caledonia, according to people familiar with the process.
It has held discussions with a number of Chinese groups including Gem Co, a Shenzhen-based company that recycles and refines nickel cobalt for use in batteries, the people said. Continue Reading →