, Columnist
Spare a Nickel for Vale?
Bidders want a slice of Vale's high-cost and money-losing New Caledonia business.
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Here's a sign that 2017's nickel boom is in full swing: Vale SA is looking to sell a slice of its New Caledonian unit, and seems to be attracting bidders.
The interest in Vale New Caledonia, or VNC, is surprising because the division -- on a French-ruled island in the Pacific that's due to hold a vote on independence next year -- is one of the highest-cost mines in an industry that's spent years losing money. The existence of willing buyers is as strong a signal as you could want that the prospect of fresh demand from electric vehicle batteries is leading many to bet on a recovery from nickel's three-year slump.