Vale sells nickel mine in New Caledonia

Vale sells nickel mine in New Caledonia

Corporate & Sovereign Strategy M&A Brazil Capital Markets

Brazilian mining company Vale said Wednesday that it sold Vale Nouvelle-Calédonie (VNC), a nickel mine on the Pacific Island of New Caledonia, to a consortium that includes commodities trader Trafigura.  Vale did not reveal the terms of the deal, but it said the former VNC operations will receive a "financial package" for $1.1 billion, including $555 million from Vale's subsidiary in Canada. The Brazilian miner added that it has a long-term nickel supply contract from the mine to meet growing de

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