Trafigura staff raised nickel concerns years before fraud claim
Trafigura’s lawyers last week described the situation as “a sort of Ponzi scheme,” with the trading house as the sole victim.
Trafigura’s lawyers last week described the situation as “a sort of Ponzi scheme,” with the trading house as the sole victim.
The rapid expansion of the nickel industry is facing greater local scrutiny in Indonesia, partly due to waste-related concerns.
The extension underscores regulatory caution and heightened scrutiny of resource deals with China.
Trafigura took legal action against Prateek Gupta and several firms connected to him after saying it spent months uncovering what it believed was a systematic fraud against it.
The potential deal is valued at around $12 million annually based on current nickel prices.
Alliance said the missed milestones were primarily due to challenging nickel market conditions and project financing constraints.
Industrial permits, known as IUIs, will not be given to new projects that propose making some intermediate products.
Iron ore production reached the highest since the fourth quarter of 2018.
Nornickel said production of nickel rose by 18% to 54,000 metric tons in the third quarter.
GM and a partner paused the second phase of a cathode factory, leading to Vale's cancellation of a nickel sulphate project.
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