Trafigura bought some LME ‘nickel’ that was just bags of stones
The amounts of money involved are small, but the issue presents a fresh headache for the company.
The amounts of money involved are small, but the issue presents a fresh headache for the company.
JPMorgan owned the LME nickel contracts that turned out to be backed by bags of stones rather than metal.
Wyloo offered to buy all the shares of nickel miner Mincor it does not already own for an implied equity value of $504 million.
It’s not clear whether the bags ever contained nickel, and whether the issue is a result of error, theft or fraud.
The LME has discovered bags of stones instead of the nickel that underpinned a small handful of its contracts at a warehouse in Rotterdam.
The Critical Raw Materials Act (CRMA) unveiled by the EU adds the two major industrial metals to a list that had previously focused on more niche minerals.
Canada Nickel also announced it has closed its acquisition of the past-producing Texmont property.
Indonesia’s nickel plan is part of President Joko Widodo’s goal of adding more value domestically and becoming a key part of the battery supply chain.
PT Trimegah Bangun Persada IPO would be Southeast Asia's biggest IPO so far this year.
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