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Battery Craze Is Bringing Giant New Caledonia Mine Back to Life

April 26, 2018, 1:49 PM

Once on the brink of closure, Vale SA’s operation in the far flung South Pacific is making a comeback thanks to rising prices for metals pivotal to manufacturing electric-car batteries.

The New Caledonia copper and cobalt mine, known as VNC, has been dogged by high costs and technical difficulties. Soon after assuming command of the company, Chief Executive Officer Fabio Schvartsman said if the operation couldn’t be turned around or a partner found, it would be put into care and maintenance by end-2018. Closing one of the island’s biggest employers would have been a big blow to the local ...