Deals
Vale Receives Bids for Stake in New Caledonia Nickel Business
- Brazilian miner seeking a partner to share investment burden
- Company may now be looking to sell smaller stake, person says
Photographer: Ron D'Raine/Bloomberg
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Vale SA has received offers to buy a stake in its New Caledonia nickel business as Chief Executive Officer Fabio Schvartsman looks to overhaul underperforming assets.
The Rio de Janeiro-based company is seeking a partner at one of the world’s biggest nickel operations to help finance investments in the remote Pacific island such as a new tailings dam. Known as VNC, the complex has been dogged by technical difficulties and high costs.