Glencore remains in talks to sell stake in the New Caledonian nickel compa [Yahoo! Finance]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Yahoo! Finance
Whilst the New Caledonia region is believed to hold some of the world's largest nickel reserves, the industry in the region has been struggling. KNS halted its mining and plant operations in March after mining giant Glencore decided to sell its stake in the company. At the time, Glencore agreed to pay worker salaries and for the furnaces to be kept alight until the end of August. When fully operational, KNS registered a nickel production capacity of 60,000 tonnes per year. Alexandre Rousseau, vice-president of KNS, told Reuters that switching off the furnaces meant most of the 1,200 employees have lost their jobs. Rousseau explained there were three separate groups interested in the potential investment, with two now holding advanced discussions with Glencore about purchasing the 49% stake. Both groups intend to visit the KNS site in the north of New Caledonia in the coming weeks. A spokesperson from Glencore told the news agency that KNS was in control of maintaining t
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