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New Century looks to pick up Vale's New Caledonia mines

Kitco News

New Century Resources (ASX:NCZ) said today it has entered into a 60-day exclusivity period with Vale Canada to complete due diligence and negotiate the acquisition of 95% of the issued shares in Vale Nouvelle Calédonie S.A.S. (VNC), which owns and operates the Goro Nickel & Cobalt Mine in New Caledonia.

The Goro operations include a fully integrated and operational world-class mine, processing plant and port facility.

"If the transaction proceeds, the successful acquisition of Goro operations would result in New Century Resources becoming a major supplier of Nickel and non-DRC sourced Cobalt for the Electric Vehicle industry," writes New Century in a news release.

New Century traded down 14% to 22 cents a share.

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