31 Jul 2020

Vale sale talks in New Caledonia get extension

From , 6:00 am on 31 July 2020

The planned sale of New Caledonia's Vale nickel plant has hit a snag.

In May, the Brazilian parent company said it was in exclusive talks with New Century Resources of Australia for a sale to be finalised within two months.

Now, Vale in New Caledonia says the deadline has been extended by 45 days.

Walter Zweifel has been following developments and Johnny Blades asked him why Vale wants to sell.

After a decade of technical and financial difficulties and conflicts with the local population, the plant had hoped to return to profits in 2015.

A photo taken on May 27, 2015 shows Brazilian Vale's nickel processing plant of Goro in southern New Caledonia. Photo: AFP PHOTO / FRED PAYET