Australia based company, New Century Resources has made significant progress in analysing the commercial and technical aspects of acquiring Goro nickel and cobalt mine in New Caledonia, France.

 

The troubled Goro nickel-cobalt mine is a large nickel mine owned by Brazil’s mining giant Vale. The mine is notorious for technical problems and low production. The nickel mine produces 25pc of the total world reserves, according to several media reports. 

New Century is likely to acquire 95pc stake in the Vale New Caledonia (VNC), the Goro nickel-cobalt mine operator. 

 

Towards the end of May, New Century Resources signed an exclusive agreement to acquire VNC. The agreement was to last for 60-days but a decision could not be made and New Century has extended the exclusivity of the transaction by another 45-days.

 

New Century is looking for ways to enhance Goro’s operations which will increase production and lower costs. Goro comprises 193.5mn mt grading 1.36pc nickel and 0.13pc cobalt. It contains 2.63mn mt of nickel and 249,000mt of cobalt. The final decision of making an offer for VNC will be in September. 

 

New Century will announce its June end quarterly results on July 30. New Century Resources is ramping up to become a leading zinc miner, globally. 

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