The French government is currently overseeing discussions to reorganize the nickel industry in New Caledonia.
Glencore Plc said on Wednesday it will stop funding the loss-making Koniambo Nickel SAS business it co-owns in New Caledonia at the end of February, adding to pressure on the troubled nickel sector in the French Pacific territory.
The commodities miner and trader, which has funded KNS with $9 billion since its inception, said it will work with the company, its joint shareholder and the French government to explore solutions for ongoing losses, including looking at alternative sources of funding.
Eramet, the majority owner of SLN, another New Caledonian nickel producer, has said previously it will not provide further financing for the unit. The French government granted SLN a 40 million euro emergency loan earlier this year to avert a financial collapse.Share
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Glencore to stop funding for New Caledonia nickel businessDiversified 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.
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