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Australia classified nickel as a “critical mineral” on Friday, opening the way for the crisis-hit industry to access billions of dollars in cheap government loans, as its prime minister prepared wider policy support for the green energy industry.
“The international nickel price is forecast to stay relatively low through 2024, and likely for several years to come until the surplus of nickel in the market is corrected,” Resources Minister Madeleine King said in a statement.Placing nickel on the critical minerals list means nickel companies will have access to financing under Australia’s A$4 billion Critical Minerals Facility which offers low interest loans, and related grant programs.
The nickel industry’s woes were highlighted on Thursday when BHP said that it was considering putting on care and maintenance its Nickel West division, for which it also announced a $2.5 billion writedown. Glencore, Australia’s second largest nickel producer behind BHP, said it was “very concerned” by the recent closures and nickel announcements and that a comprehensive government policy response was needed to support the sector amid “challenging market conditions.”Australia and some producers have been pushing for a “green premium” in nickel to account for stronger regulations on environmental issues, governance and worker safety, but so far that has not emerged as a must-have for buyers.
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