- Write by:
-
Tuesday, July 28, 2020 - 12:02:43 PM
-
842 Visit
-
Print
Mining News Pro - New Century Resources is optimistic about becoming a supplier of nickel and cobalt for electronic vehicles if it successfully acquires the Goro mine in New Caledonia from Vale.
The company announced on ASX today that it has made “significant progress” in evaluating the technical and commercial aspects of the transaction, which would see New Century secure 95 per cent of issued shares in Vale New Caledonia (VNC), who owns and operates Goro.
Foreign reserves and resources for the Goro deposit is comprised of 193.5 million tonnes, containing 2634 thousand tonnes of nickel and 249 thousand tonnes of cobalt.
New Century has not yet finished a definitive binding agreement to acquire an interest in Goro but the parties involved have agreed to extend the exclusivity of the transaction for another 45 days.
“If the transaction proceeds, the successful acquisition of Goro would result in New Century becoming a major supplier of nickel and non-DRC sourced cobalt for the electric vehicle industry,” New Century stated in a media release.
Tesla boss Elon Musk recently announced the electronic vehicle company is searching for sustainable nickel miners for the company’s electronic vehicle battery production.
The Goro operation includes a mine, processing facility and port, located on the island of New Caledonia, a French territory which is a top nickel producing region globally.
New Century stated that historical operations at Goro have not performed to full capacity due to design flaws and operational commissioning issues.
“The due diligence process has outlined a logical and technically robust solution for Goro’s operation, which is expected to deliver improved production rates and reduced costs.”
New Century expects to make a decision on a binding offer for VNC in September.
Short Link:
https://www.miningnews.ir/En/News/574433
Glencore expects profit at its trading division this year to be at the top end of its long-term annual guidance, in an ...
Brazilian miner Vale SA sees no impact from BHP Group’s bid for Anglo American on the latter’s Minas-Rio project, its ...
The Democratic Republic of Congo’s government notified Apple Inc. of concerns that the company’s supply chain may be ...
Eramet subsidiary SLN’s nickel mining operations in northern New Caledonia have been suspended, adding to difficulties ...
Mining company Vale expects to reach a final agreement with authorities for reparations for the collapse of the Samarco ...
Brazilian miner Vale on Wednesday said lower prices for iron ore, nickel and copper in the first quarter dragged down ...
BHP Group Ltd. proposed a takeover of Anglo American Plc that values the smaller miner at £31.1 billion ($38.8 billion), ...
Interros, Nornickel’s largest shareholder, on Monday called allegations by fellow shareholder Rusal about undervalued ...
The London Metal Exchange (LME) on Saturday banned from its system Russian metal produced on or after April 13 to comply ...
No comments have been posted yet ...