Vale enters into exclusivity to negotiate the sale of Vale New Caledonia
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Vale enters into exclusivity to negotiate the sale of Vale New Caledonia
Vale informs that its subsidiary Vale Canada Limited (VCL) has entered into exclusivity with the Australian company New Century Resources Limited (NCZ) to negotiate the sale of its ownership interest in Vale Nouvelle-Calédonie S.A.S. (VNC).
The negotiations include a financial package aiming to support the transition and continuity of VNC operations from VCL to NCZ, while the parties also plan to jointly engage with the French State to secure continued financing support.
This communication follows NCZ's requirement of disclosure under ASX regulation. Any transaction for the acquisition of VNC would be subject to the prior consultation of the VNC works council and customary closing conditions, including regulatory approvals.
With this announcement the investment held at VNC will be recorded at the fair value and classified as an "asset held for sale" in Vale's consolidated financial statements, leading to an additional impairment loss of approximately US$ 400 million to be recognized in the second quarter income statement.
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.
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