LAUNCESTON, Australia, Feb 19 (Reuters) – Australia is throwing a lifeline to its under pressure nickel mining sector, but the solution on offer is more of a band aid than the needed major surgery, the carving of the global nickel industry into green and dirty.
Resources Minister Madeleine King placed nickel on the critical minerals list, a move that allows the industry to access some of the A$4 billion ($2.7 billion) of federal government funding aimed at promoting minerals vital to energy transition.
“The international nickel price is forecast to stay relatively low through 2024, and likely for several years to come until the surplus of nickel in the market is corrected,” King said in a Feb. 16 statement.
“In the meantime, this puts further Australian nickel operations at risk,” she said, adding that six operating nickel facilities in the country have either announced cuts to output or gone into care and maintenance since December.
For the rest of this article: https://www.reuters.com/markets/commodities/australia-gives-nickel-quick-fix-surgery-global-industry-needed-russell-2024-02-19/