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Report: Vale seeks partner for New Caledonia nickel ops

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Report: Vale seeks partner for New Caledonia nickel ops

Vale SA is working with Scotiabank for the potential sale of a stake in its New Caledonia nickel operations, the Financial Times reported Oct. 17, citing people familiar with the matter.

The miner has held talks with several Chinese groups, including Shenzhen-based Gem Co., which recycles and refines nickel cobalt for use in batteries.

In July, Vale initiated a review of the loss-making operations as part of a wider review on low-performing assets. The review was launched after new CEO Fabio Schvartsman assumed his role.

Vale declined to comment but pointed to an investor presentation in which Schvartsman hinted at a partnership for the operations, according to the newswire.

The New Caledonia unit comprises the Goro nickel-cobalt mine, a processing plant and port.