2024-02-12 10:36:05
BARCELONA (Agefi-Dow Jones)–The Anglo-Swiss mining group Glencore announced on Monday that it was seeking a buyer for its stake in the Koniambo Nickel (KNS) joint venture in New Caledonia, due to the continued losses of this activity in a context of falling nickel prices.
Glencore said KNS would enter care and maintenance mode. The Anglo-Swiss group will then look for a new industrial partner for the company, of which it holds 49% of the capital. In September, the group indicated that it would stop funding KNS at the end of February.
“Even with the help offered [par le gouvernement français]KNS remains an unviable business and Glencore cannot justify continuing to finance losses to the detriment of its shareholders,” the group stressed.
Glencore shares gained 1.1% in London after these announcements.
-Christian Moess Laursen, The Wall Street Journal
(French version Maylis Jouaret) ed: VLV
Agefi-Dow Jones The Financial Newswire
(END) Dow Jones Newswires
February 12, 2024 5:35 AM ET (10:35 GMT)
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