Australian miner to acquire Canadian-owned nickel, cobalt mine

Photo: Vale Canada

Australian miner New Century Resources has signed an agreement to enter into an exclusivity period with Vale Canada Ltd to acquire a 95% stake in the Goro nickel and cobalt mine in New Caledonia, a French overseas territory and archipelago located in the South Pacific.


"If the transaction proceeds, the successful acquisition of Goro operations would result in New Century Resources becoming a major supplier of nickel and non-DRC sourced cobalt," the Melbourne-based company said in a statement.


The 60-day exclusivity period is mutually extendable, and it is to allow New Century Resources to complete due diligence and negotiate the terms of the potential deal, the statement said.


New Caledonia is a top nickel producing region globally, with about 11% of the world’s nickel reserves, according to data released by the Austral-ian miner.