Glencore plans to sell Koniambo Nickel SAS mine due to reduced nickel prices, driven by increased Indonesian supply and Australian mine closures despite EV sector demand.

Glencore is planning to sell its stake in the Koniambo Nickel joint-venture in New Caledonia due to ongoing losses and a slump in nickel prices. The Anglo-Swiss mining giant will move the Koniambo Nickel operation to a care and maintenance status, and has begun the process of seeking out a new industrial partner for the project. The Koniambo Nickel joint-venture is currently in an unsustainable position, prompting Glencore to justify its decision to stop funding the losses.

February 12, 2024
24 Articles