Explainer: How the New Caledonia government collapse may affect the nickel market – by Mai Nguyen (Yahoo Finance – February 4, 2021)

https://finance.yahoo.com/

HANOI – The coalition government in New Caledonia, a French territory in the Pacific that is the world’s fourth-largest nickel ore producer, collapsed on Tuesday after pro-independence politicians resigned.

Riots broke out in December sparked by protests led by pro-independence political parties over the sale of Vale SA’s nickel business in the country.

Here is what that means for the global market for the metal used to make stainless steel and batteries for electric vehicles.

HOW BIG A NICKEL PRODUCER IS NEW CALEDONIA?

New Caledonia is the world’s fourth-biggest producer of mined nickel, behind Indonesia, Philippines and Russia. It exports ore mainly to South Korea, Japan and China.

The country accounts for roughly 9% of global mined nickel output, and produces roughly 200,000 tonnes per year, according to the International Nickel Study Group (INSG).

For the rest of this article: https://finance.yahoo.com/news/explainer-caledonia-government-collapse-may-081159096.html

 

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