Vale has completed the transaction of its Goro nickel and cobalt mining interests in New Caledonia, with subsidiary Vale Canada Limited selling its stake in Vale Nouvelle-Calédonie (VNC) to Prony Resources New Caledonia consortium for US$1.1 billion.

Vale will contribute about US$555 million to the deal for ongoing operations. The state-owned entities will together retain a 51% controlling stake in the project.

Vale said that after months of negotiations, it was pleased to conclude the divestment of VNC to the benefit of its employees and all its stakeholders.