Glencore to halt New Caledonia nickel plant and sell stake [Reuters]
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Source: Reuters
Caledonia and that production at KNS's processing plant will be halted for six months while a new investor is sought for the loss-making business. France has been negotiating to save New Caledonia's nickel industry and Paris said last week it had offered KNS state support worth around 200 million euros. "Even with the French government's proposed assistance, high operating costs and current very weak nickel market conditions means KNS remains an unprofitable operation," Glencore said in a statement. "Glencore will shortly initiate a process to identify a potential new industrial partner for KNS," it said. The French government took note of Glencore's decision and would maintain its offer of state aid for KNS, a finance ministry official told reporters. The government's position remained that an industrial player and not the state should invest in KNS and New Caledonia's other nickel processors, the official said, adding that Paris was not excluding at this stage the possibil
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