The global nickel industry is grappling with a dire predicament as the vast and inexpensive nickel supply from Indonesia overshadows the market. This situation has rendered about half of the world’s nickel operations unprofitable at current prices. Industry leaders have expressed concerns over the slim chances of a market recovery, highlighting the existential threat faced...
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PT Vale Indonesia Tbk (INCO), following the divestment of 14% of its shares to the Indonesian Mining Industry Holding MIND ID, is set to expedite the development of three significant nickel downstream projects, totaling an investment of up to US$ 9 billion. The divestment deal, which saw MIND ID investing approximately US$ 300 million, will...
READ MORECentaurus Metals Limited has announced a strategic pivot in the development of its Jaguar Nickel Project, now planning to execute the project in two phases due to evolving nickel market conditions. The initial phase will concentrate on producing nickel sulphide concentrate, preserving the project’s nickel output. A downstream nickel sulphate refinery phase is planned to...
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Indonesia, the leading nickel exporter globally, asserts that nickel prices are unlikely to see a significant increase, promising to keep the market well-supplied. This strategy aims to support electric vehicle (EV) manufacturers by maintaining lower costs. Septian Hario Seto, a key Indonesian government official, indicated that prices might not rise much above $18,000 a ton...
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Glencore has officially opened the Anuri mine, marking a significant milestone in the extension of the Raglan nickel-copper project’s operational life by at least two decades. This development underscores Glencore’s commitment to fostering sustainable relationships with the local communities surrounding its ventures. Located in northern Quebec, the Raglan mine has been operational since 1997, distinguishing...
READ MOREAndrew Forrest, the Australian iron ore titan and founder of Fortescue Metals Group, has proposed that the London Metal Exchange (LME) classify its nickel contracts into “clean” and “dirty” categories. This suggestion aims to provide consumers with more informed choices amidst the Australian nickel industry’s struggle against the influx of cheaper, less environmentally friendly nickel...
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French mining conglomerate Eramet encountered a significant downturn, with net income plummeting by 85% to 109 million euros in 2023, starkly contrasted against the 740 million euros recorded in 2022. This substantial decline reflects the broader challenges faced by the nickel and manganese markets, exacerbated by a dramatic drop in nickel prices, largely attributed to...
READ MOREAustralia’s nickel sector is teetering on the edge of financial distress, with the mining behemoth BHP revealing a significant $2.47 billion asset write-down, primarily linked to its Nickel West division. The Australian government, recognizing the severity of the situation, has classified nickel as a critical metal, enabling the industry to tap into a nearly $4...
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Vale Indonesia’s financial outlook for 2024 appears challenging as industry analysts predict a downturn in performance due to declining nickel prices and market dynamics. The expected dip comes amidst an oversupply of nickel, primarily fueled by extensive downstream activities within Indonesia. Contributing factors include an accumulation of supply chain inventories and a slowdown in economic...
READ MOREPacific Nickel Mines has announced significant progress in the ramp-up of its mining and stockpiling activities at the Kolosori Nickel Project located in the Solomon Islands. The company, which boasts an 80% stake in the project, is making strides towards achieving its operational goals despite challenges. Key developments include the successful loading of a second...
READ MOREAustralia has officially designated nickel as a “critical mineral,” a strategic move aimed at unlocking substantial government support for the beleaguered nickel industry. This decision, announced on Friday, February 16, 2024, comes in response to the industry’s challenges, including the threat of significant job losses following a 40% decline in nickel prices due to increased...
READ MOREBHP, the global mining behemoth, disclosed a substantial $2.3 billion depreciation on its Australian nickel assets, attributing the decision to a significant downturn in nickel prices exacerbated by an influx of low-cost exports from Indonesia. The company’s move, detailed in a statement to the Australian Stock Exchange, underscores the volatile nature of the nickel market,...
READ MOREA year after the nickel trading debacle, the London Metal Exchange (LME) finds itself embroiled in another controversy, this time over allegations related to the trading of “dirty metals.” Two advocacy groups, the London Mining Network (LMN) and the Global Legal Action Network (GLAN), have accused the LME of breaching British anti-money laundering laws by...
READ MOREOn February 14, the prices of most base metals dropped, influenced by a strengthening dollar after the release of U.S. inflation data that exceeded expectations. This development has led to a recalibration of market expectations regarding the timing of potential interest rate cuts by the Federal Reserve. As of the early trading hours, the price...
READ MOREGlencore has decided to divest its 49% interest in a significant nickel mining operation, marking an exit that includes a $4 billion (£3.2 billion) investment write-off. This move comes shortly after the company adjusted its performance outlook downwards due to a declining global nickel market. The stake in the Koniambo nickel mine was acquired through...
READ MORERimfire Pacific Mining has launched a 4,000-metre aircore drilling program at its Murga Scandium Prospect, located within the company’s Fifield Project, roughly 70 kilometres northwest of Parkes in the Lachlan Orogen region of central New South Wales. The drilling at Murga aims to delineate the extent and continuity of scandium mineralization, following on from previous...
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Nickel 28 Capital Corp has reported a slight decrease in production, but maintained strong operational efficiency throughout the year. In the fourth quarter of 2023, Ramu produced 7,825 tonnes of nickel, marking an 8% decline compared to the same period in the previous year, primarily due to unplanned outages caused by earthquake events. Despite this,...
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Vale Indonesia has reported significant growth in its nickel matte production and sales volumes over the last year, highlighting a remarkable performance despite numerous challenges. In 2023, INCO produced 70,728 metric tons of nickel in matte, marking an 18% increase from the 60,090 tons produced in 2022. Febriany Eddy, CEO and President Director of Vale...
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Glencore revealed plans on Monday to divest its interest in Koniambo Nickel SAS (KNS) in New Caledonia, alongside a decision to suspend operations at KNS’s processing plant for six months as it seeks a new investor for the operation currently incurring losses. Amid efforts to rejuvenate New Caledonia’s faltering nickel industry, France has proposed state...
READ MOREIn a decisive move to counter the recent downturn in nickel prices, China and Indonesia are anticipated to slash their nickel production by at least 100,000 metric tons this year. This strategic reduction comes as producers aim to mitigate losses triggered by the metal’s price slump, vital for manufacturing stainless steel and electric vehicle batteries....
READ MORECobalt Market Dynamics Glencore Adjusts Cobalt Production Glencore, a major player in mining and metals, has decided to cut back on its cobalt production. This year’s output is projected to be between 35,000 and 40,000 tonnes, a reduction from last year’s 41,300 tonnes. This decision comes in the wake of declining cobalt prices observed throughout...
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In the ever-fluctuating world of metals, Norilsk Nickel, the global titan in palladium and top-tier nickel producer, faced a turbulent 2023. With the markets taking a roller coaster ride, the company’s financials mirrored the ups and downs. Last year’s revenue took a 15% hit, dropping to $14.4 billion, as the prices for its core metals...
READ MOREIndonesia, a nation of 280 million people, has experienced remarkable economic and infrastructural growth, much of it under President Joko Widodo’s decade-long leadership. Widodo, popularly known as Jokowi, has been pivotal in propelling Indonesia from a per capita income of $350 three decades ago to $5,000 today. His tenure has seen the development of Jakarta’s...
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Nickel prices on the global market have plummeted to their lowest levels since November 2020, dipping below $16,000 per ton, according to the London Metal Exchange (LME). The decline, which saw prices fall to $15,600 per ton before stabilizing around $16,025 per ton, has led to significant operational losses across half of the industry’s enterprises,...
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