Mining giants are worried that a flood of cheap Indonesian nickel could wipe them out [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
about 40% of the world's supply of the metal, which is used to make stainless steel and is also vital to the production of electric car batteries. Now, Indonesia's position is poised to become even more dominant—the CEO of Eramet, a French mining firm, says the country's low-cost nickel suppliers could wipe out rivals in the next few years. Christel Bories, the head of Eramet, told the Financial Times Indonesia could account for more than 75% of the world's highest class of pure nickel in five years time. "Uncompetitive mines elsewhere will close," Bories warned, adding that she was pessimistic about the prospect of an external savior: "I'm not sure there will be so many governments deciding to subsidize big production with a lot of money just to compete with Indonesia production." Eramet's operations in the French territory of New Caledonia is losing money , and Bories is warning the island to prepare for a shrinking nickel industry. Bories' prediction echoes other mining C
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News
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