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The planned sale of the huge Brazilian-owned Vale nickel plant in New Caledonia has failed.
The plant at Goro is the costliest industrial installation constructed in the South Pacific, having absorbed billions in investment without ever living up to expectations.
This week's announcement of the sale impasse has rocked New Caledonia, raising fears that thousands of jobs could disappear.
Walter Zweifel has been following developments.
A photo taken on May 27, 2015 shows Brazilian Vale's nickel processing plant of Goro in southern New Caledonia. Photo: AFP PHOTO / FRED PAYET