Glencore Seeks Buyer for Troubled New Caledonia Nickel Mine [Financial Post (Toronto, Ontario, Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Financial Post
Author of the article: (Bloomberg) — Glencore Plc plans to sell its stake in a nickel mine and a processing plant on the islands of New Caledonia following a dramatic slump in prices. The world's top commodity trader will seek to sell its 49% stake in Koniambo Nickel SAS, according to a statement from KNS. The company would begin “without delay” to suspend operations at its ferronickel plant while a new investor is found. Article content Article content 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, high costs and social unrest. Relief on energy prices of about 200 million euros ($216 million) a year ha
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