Glencore Cuts Losses on $4 Billion New Caledonia Nickel Mine After Years of High Costs and Oversupply
• Glencore exiting 49% stake in Koniambo nickel mine after investing $4 billion over past decade • High operating costs and glut of global nickel supply driving Glencore's withdrawal • Despite production cuts, nickel prices remain low due to oversupply and unmet demand expectations • Glencore recently cut 2023-24 nickel production forecasts due to third-party issues • French government offered €200 million in support of the project and seeks new investor