In a move that will further burden the struggling nickel sector in New Caledonia, Glencore Plc announced that it will cease funding for the loss-making Koniambo Nickel SAS (KNS) business at the end of February. Glencore, which co-owns KNS, revealed its decision on Wednesday, highlighting the mounting challenges faced by the nickel industry in the French Pacific territory.
The decision by Glencore to withdraw its financial support adds to the existing pressure on nickel producers in New Caledonia. The nickel sector in the territory has been grappling with unfavorable market conditions, including low nickel prices and rising production costs. With Glencore’s funding cut off, KNS will now face increased difficulties in sustaining its operations.
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