New Century Backs Out Of New Caledonia Mine Project

Australian miner New Century has abandoned plans to buy mining giant Vale's nickel and copper mine in New Caledonia, leaving the struggling asset's future and thousands of jobs in doubt.

New Century said on Tuesday it would not proceed with an offer to acquire a 95 per cent holding in the Pacific nation's Goro mine from Brazilian mining heavyweight Vale, following the conclusion of exclusive due diligence and negotiations.

The Melbourne-based company said it had been unable to secure a suitable financing package for the deal. New Century's shares fell 13 per cent on Tuesday to end the trading day at 13¢.

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