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Brazil's Vale still eyeing sale of stake in New Caledonia nickel mine

London — Brazilian miner Vale is still looking to sell a stake in its New Caledonian nickel operations, despite press reports that the company would postpone the sale, the Brazilian miner said Monday.

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The company "clarifies that there is no decision to postpone the sale of a stake in its Vale New Caledonia (VNC) nickel mine and that the process to find a new partner is ongoing," it said in a statement.

"The search of a partner in VNC reinforces Vale's strategy to deliver value from all its assets and its commitment to preserve financial strength," Vale added.

VNC is an ore mining company (limonite and saprolite) producing nickel and byproduct cobalt, located in the south of New Caledonia. The operation produced 29,300 mt of finished nickel products in the first nine months of this year.

--Andy Blamey, andy.blamey@spglobal.com

--Edited by Alisdair Bowles, alisdair.bowles@spglobal.com