Cave in, having consumed most of ale, in resort port on the Med (8)

I believe the answer is:

valencia

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'port on the med' is the definition.

I cannot understand how the rest of the clue works.

(Other definitions for valencia that I've seen before include "city in Spain?" , "Region and major port of eastern Spain" , "European city" , "Spanish city and region" , "European area" .)

I've seen this clue in The Everyman puzzle in The Observer.

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