Glencore to Sell Stake in Struggling New Caledonia Nickel Mines – by Eddie Spence and Mark Burton (Bloomberg News – February 12, 2024)

(Bloomberg) — Glencore Plc plans to sell its stake in a nickel mine and a processing plant on the islands of New Caledonia following a dramatic slump in prices.

The world’s top commodity trader will seek to sell its 49% stake in Koniambo Nickel SAS, according to a statement from KNS. The company would begin “without delay” to suspend operations at its ferronickel plant while a new investor is found.

It’s the latest casualty of a slump in nickel prices driven by a flood of new supply from Indonesia. The country’s production boom has already forced several mines in Australia to shutter, despite growing demand for the metal from the electric vehicle sector.

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