https://www.engineeringnews.co.za

Glencore to stop funding for New Caledonia nickel business

27th September 2023

By: Creamer Media Reporter

     

Font size: - +

Diversified major Glencore on Wednesday announced that it would stop providing funding for the operations of Koniambo Nickel (KNS), stating that the New Caledonia business continued to struggle financially and was incurring significant losses.

Glencore would continue to provide funding for the operations until February 29, 2024. The company stated that it would work with KNS and stakeholders to explore solutions for KNS’ ongoing losses, including looking for alternative sources of funding.

Citing a recent report from the French Inspector General of Finance into the nickel industry in New Caledonia, Glencore stated that the industry was experiencing significant challenges and that far-reaching changes were needed to address these challenges and make production of nickel on the island viable.

Glencore’s funding of KNS has amounted to $3.9-billion since the acquisition of Xstrata and $9-billion since project inception.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

M and J Mining
M and J Mining

M and J Mining are leading suppliers of physical support systems as used by the underground mining industry. Our selection of products are not...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.097 1.218s - 232pq - 2rq
Subscribe Now