Reported 5 months ago
The recent civil unrest in New Caledonia, a major nickel producer in the southern Pacific, has led to a halt in mining operations and a rally in nickel prices. New Caledonia holds significant nickel reserves, ranking third globally for mined nickel in 2023. The unrest has impacted the industry, with most mines shut down and output reduced, supporting a rally in nickel prices. The territory's nickel sector has struggled due to financial losses, high costs, technical setbacks, and competition from cheaper suppliers like Indonesia. Efforts to attract new investors by selling stakes in companies like Glencore and Prony are ongoing, with potential for interest due to concerns over Indonesia's dominance in the nickel supply chain.
Source: YAHOO