Shares in Glencore, the FTSE 100 mining company, have risen after it announced plans to sell its stake in its loss-making nickel mine. Glencore has invested over £3 billion in the Koniambo project in New Caledonia since 2013. However, weak nickel prices have made the business unprofitable, prompting Glencore to find a new industrial partner for the project. Despite efforts by the French government to rescue the nickel industry in New Caledonia, Glencore stated that it could not continue funding the losses to the detriment of its shareholders. Glencore owns 49% of the project, while Societe Miniere du Sud Pacifique (SMSP) controls the rest.
Glencore Plans to Sell Stake in Joint Venture Amid Falling Nickel Prices
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