Trafigura-backed nickel mine seeks new partner for bailout
The trading giant declined to contribute more funds as part of a French government rescue package for the New Caledonian mining industry.
The trading giant declined to contribute more funds as part of a French government rescue package for the New Caledonian mining industry.
The program followed up on results from drilling completed in last year’s first quarter, when a new nickel bearing horizon inside the Wine gabbro was discovered.
The Cosmos project was acquired by IGO as part of its acquisition of Western Areas.
The specialty miner also reported a record output from its rotary kiln electric furnace projects.
The latest drilling results from the Safari Link area represent a near-term opportunity for resource and value addition, Lifezone said.
The miner said it was hit by adverse geopolitical risks and postponed furnace repairs, following a drop in production in 2023.
The Association of Mining and Exploration Companies says Australia should introduce a 10% production tax credit or downstream producers.
Companies in other high-cost nickel-producing regions have announced restructurings and writedowns as prices have dropped.
The production process at the company's Doniambo plant in New Caledonia was disrupted by the breaking of several furnace cathodes.
The metal used in stainless steel and EV batteries is down more than 40% from a year ago amid a growing global glut.