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
Samsung’s Foldable Phones: The Future of Smartphone Screens
Discover how Samsung's Galaxy Z Fold 6 is leading the way with innovative software & dual-screen design for the future of smartphones.
Unlocking Franchise Success: Leveraging Cognitive Biases in Sales
Unlock franchise success by leveraging cognitive biases in sales. Use psychology to craft compelling narratives and drive successful deals.
Wiz Walks Away from $23B Google Deal, Pursues IPO Instead
Wiz Walks away from $23B Google Deal in favor of pursuing IPO. Investors gear up for trading with updates on market performance and key developments.
Southern Punjab Secretariat Leads Pakistan in AI Adoption, Prominent Figures Attend Demo
Experience how South Punjab Secretariat leads Pakistan in AI adoption with a demo attended by prominent figures. Learn about their groundbreaking initiative.