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it will close and sell its stake in the loss-making Koniambo Nickel SAS business it co-owns in New Caledonia, as a sharp drop in the metal prices continues to hit the industry.
“We have noted that further temporary or permanent capacity cuts were required to balance the nickel market following last year’s surplus, but it is yet to be seen whether sufficient adjustment has taken place,” Hamilton said.The French government, which has authority over New Caledonia, has been mulling a rescue plan for the the islands’ nickel sector, including emergency loans.
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