Glencore Plans to Sell Stake in Joint Venture Amid Falling Nickel Prices


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.

See also  Private Space Exploration Milestone: 'Odysseus' Moon Landing Marks New Era

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.

Advait Gupta
Advait Gupta
Advait is our expert writer and manager for the Artificial Intelligence category. His passion for AI research and its advancements drives him to deliver in-depth articles that explore the frontiers of this rapidly evolving field. Advait's articles delve into the latest breakthroughs, trends, and ethical considerations, keeping readers at the forefront of AI knowledge.

Share post:



More like this

Global Edge Data Centers Market to Reach $46.4 Billion by 2030

Global edge data centers market set to hit $46.4 billion by 2030. Asia-Pacific leads growth with focus on IoT, cloud, and real-time analytics.

Baidu Inc Faces Profit Decline, Boosts Revenue with AI Advertising Sales

Baidu Inc faces profit decline but boosts revenue with AI advertising sales. Find out more about the company's challenges and successes here.

Alexander & Baldwin Holdings Tops FFO Estimates, What’s Next for the REIT?

Alexander & Baldwin Holdings surpasses FFO estimates, investors await future outlook in the REIT industry. Watch for potential growth.

Salesforce Stock Dips Despite New Dividend & Buyback

Despite introducing a new dividend & buyback, Salesforce's stock dipped after strong quarterly results. Investors cautious about future guidance.