Ann: NCZ GRANTED EXCLUSIVITY FOR POTENTIAL ACQUISITION OF GORO, page-106

I know this asset well have spent 3.5 years living in New Caledonia building a similar nickel smelter (different technology). I know the Goro process and past management.

This has been for sale for probably 8 years but no buyers. A non-French speaking operator will be laughed at. Community challenges in the south are worse than most Asia geographies. The site sits on a UNESCO-protected lagoon and has had multiple environmental breaches (i.e. acid overflow into the reef). And the technical challenges of running this HPAL plant are probably insurmountable. Vale had some of the best metallurgists in the world operating this plant. These guys can't even run the Century zinc concentrator properly. And that's with an english-speaking workforce.

Run for the hills people.