Vale launches new attempt to sell nickel mine

CANADA – Vale has announced that its subsidiary Vale Canada Limited (VCL) has entered into exclusivity for 30 days with a consortium to negotiate the sale of its ownership interest in Vale Nouvelle-Calédonie S.A.S. (VNC).

The consortium led by current Vale New Caledonia management and employees is supported by both The New Caledonian and the French governments and has Trafigura as a minority shareholder.

The negotiations include finalizing outstanding requirements to support the transition and continuity of VNC operations from VCL to the new ownership structure. Any transaction for the acquisition of VNC would be subject to the prior consultation of the VNC works council and customary closing conditions, including regulatory approvals.

Originally established on June 1, 1942 as the state-owned Companhia Vale do Rio Doce in Brazil, Vale became a private company ranking among the largest miners in the world.

Its operations abroad cover approximately 30 countries. In addition to mining, Vale subsidiaries work with logistics – railways, ports, terminals and state-of-the-art infrastructure –, energy, and steel making.

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