Trafigura-Backed Nickel Mine Seeks New Partner to Secure Bailout [BNN Bloomberg (Canada)]
ERAMET SA UNSP/ADR (ERMAY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
more funds as part of a French government rescue package for the struggling New Caledonian mining industry. The French territory, a remote archipelago in the South Pacific, was once seen as the future of nickel production and attracted billions of dollars of investment. But instead it became a byword for the sector's exuberance, with projects beset by technical mishaps and high costs. Pressure on the local industry has rapidly increased over the past year as nickel prices plunged more than 40%. The French government has been meeting with the key shareholders of three processing plants this month — Trafigura, rival miner and trader Glencore Plc, and France's Eramet SA — seeking to hammer out a rescue deal for an industry that is the territory's main employer. As part of that effort, the French government asked Trafigura to contribute fresh capital to Prony Resources Nouvelle-Caledonie, which it part owns and which in turn owns the Goro mine. The trading house refused, and as a re
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