Vale negotiates sale of Vale New Caledonia but extends deadlineChristian Fernsby ▼ | July 29, 2020
Vale S.A. informs that the exclusivity entered by Vale Canada Limited (“VCL”) with New Century Resources Limited (“NCZ”) to negotiate the sale of its ownership interest in Vale Nouvelle-Calédonie S.A.S. (“VNC”) has been extended by mutual agreement for 45 days, allowing for the completion of the due diligence by NCZ and negotiation of transaction documentation.
Topics: Vale New Caledonia
With this announcement, the potential contribution to be made by VCL will be reserved in Vale’s consolidated financial statements on approximately US$ 500 million when, subject to the prior consultation of the VNC works council, the negotiation is completed and final transaction documentation is signed.
Vale reaffirms its commitment with its shareholders to transform the Base Metals business, simplifying operations flowsheet going forward and enabling the continuous focus on core assets, while also honoring its new pact with society, contributing to the maintenance of a sustainable environment for safe operations continuity. ■