Glencore to Sell Stake in Nickel Mine Amid Price Rout -- Update [MarketWatch]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: MarketWatch
The Anglo-Swiss mining giant said Monday that it will transition Koniambo Nickel--or KNS--to a care and maintenance status. Advertisement Glencore will then search for a new industrial partner for the venture, in which it has a 49% stake. In September, the miner said it would stop funding by the end of February. "Even with the proposed assistance [from the French government], KNS remains an unsustainable operation and Glencore cannot justify continuing to fund losses to the detriment of its shareholders," the diversified miner said. The decision echoes that of peer Trafigura's last month, when it said it would stop funding for a major nickel operation, also in New Caledonia. The French territory in the South Pacific was once seen as the future of nickel production. Advertisement Just 18 months ago the nickel market was running hot and Australian giant BHP struck a deal with Tesla to supply it with the key element for electric vehicles. However, a flood of new supply from
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