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
Date:
Frequently Asked Questions (FAQs) Related to the Above News
Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.
More like thisRelated
Obama’s Techno-Optimism Shifts as Democrats Navigate Changing Tech Landscape
Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?
Tech Evolution: From Obama’s Optimism to Harris’s Vision
Explore the evolution of tech policy from Obama's optimism to Harris's vision at the Democratic National Convention. What's next for Democrats in tech?
Tonix Pharmaceuticals TNXP Shares Fall 14.61% After Q2 Earnings Report
Tonix Pharmaceuticals TNXP shares decline 14.61% post-Q2 earnings report. Evaluate investment strategy based on company updates and market dynamics.
The Future of Good Jobs: Why College Degrees are Essential through 2031
Discover the future of good jobs through 2031 and why college degrees are essential. Learn more about job projections and AI's influence.