Glencore to Sell Stake in Struggling New Caledonia Nickel Mines [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
Most Read from Bloomberg Pentagon Chief Austin in Critical Care Unit at Walter Reed Trump's NATO Remark Sparks Political Storm in World Capitals Germany's Days as an Industrial Superpower Are Coming to an End Top Nigerian Banker Killed in California Helicopter Crash 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 pri
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