China Rare Earth Squeeze Sparks Interest In Australian Nickel Assets [Forbes]
SUMITOMO MTL MNG UNSP/ADR (SMMYY)
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Source: Forbes
Easily the most depressed of the base metals, a sector which includes copper and aluminum, nickel's price has been in cellar for three years, falling by 50% from $30,000 a ton in 2022 to last sales at $15,000/t. Over-production in Indonesia from mines and smelters ultimately controlled by Chinese business interests is the prime cause of the price collapse which has forced rival producers around the world out of nickel business. One of the hardest hit has been Nickel West, a division of BHP, the world's biggest mining company which is looking for buyers prepared to compete with Indonesia's low-cost mines. Surprisingly, according to recent media reports in Australia, there's a line forming at BHP's front door led by private equity players and small local miners interested in buying some of Nickel West's assets if the business is broken up rather than being sold to a single buyer. Just as interesting and driven by the same desire to control raw material supply not under Chinese
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