Glencore to Sell Stake in Struggling New Caledonia Nickel Mines [BNN Bloomberg (Canada)]
ERAMET SA UNSP/ADR (ERMAY)
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Source: BNN Bloomberg
The world's top commodity trader will seek to sell its 49% stake in Koniambo Nickel SAS, according to a statement from the subsidiary. Operations at the ferronickel plant run by the company will be suspended while a new investor is found, the statement said. 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. The French government, which controls New Caledonia, has been weighing a bailout for the islands' nickel industry, which has long been beset by technical mishaps and high costs. Relief on energy prices of as much as 200 million euros ($216 million) a year has been offered by Paris, Bloomberg reported last month. Read More: Trafigura-Backed Nickel Mine Seeks New Partner for Bailout Glencore said last year it would stop funding Koniambo by the end of February. Rival co
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News
- 3 Value Stock Picks On Euronext Paris Including Aramis Group SAS [Yahoo! Finance]Yahoo! Finance
- Glencore remains in talks to sell stake in the New Caledonian nickel compa [Yahoo! Finance]Yahoo! Finance
- Eramet Seeks More Nickel Mines in Indonesia, Says Jakarta Post [BNN Bloomberg (Canada)]BNN Bloomberg
- Eramet Seeks More Nickel Mines in Indonesia, Says Jakarta Post [Yahoo! Finance]Yahoo! Finance
- Indonesia's massive metals build-out is felling the forest for batteries [Yahoo! Finance]Yahoo! Finance