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According to Benchmark Mineral Intelligence, Indonesia accounted for 49% of nickel production in 2023, up from less than 5% just eight years ago.ASX 200 producer IGO paid A$1.1 billion for nickel miner Western Areas in mid-2022.
Prior to the decision, the Australian government’s Office of the Chief Economist was forecasting Australia’s nickel exports to decline from 161,000 tonnes in the 2023 financial to just 62,000 tonnes in the 2026 financial year.Nickel was first discovered in the WA Goldfields in 1966, which led to the establishment of the town of Kambalda by Western Mining Corporation .
Despite interest from Glencore, the sale was pulled after an acceptable price couldn’t be reached. The more than A$1 billion in closure liabilities and large capital spend required were said to be the sticking points. The City of Kalgoorlie-Boulder released a statement, describing the Nickel West news as “profoundly sad”.
“There is a knock-on effect with a decision like this – one that may get a small mention in a boardroom, but is as real as an oily, dusty, overdue invoice for some.”Nickel West asset president Jessica Farrell said the company owned around 280 houses in the town and was hopeful they could be used for those workers supporting the care and maintenance process.
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