New Caledonia Unrest Pushes Nickel Sector Deeper Into Crisis [Barron's]
ERAMET SA UNSP/ADR (ERMAY)
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Source: Barrons
The French Pacific territory is the world's third-biggest producer of nickel, behind Indonesia and the Philippines, and ahead of Russia and Australia. Nickel, a silver metal used as an alloy to make stainless steel, electronic components and jewellery, is also a key ingredient for electric vehicle batteries, making it critical for a transition towards cleaner energy. But since May 13, when riots sparked by a constitutional reform project broke out, nickel mining and processing has been at a standstill. And although France has lifted a state of emergency across the territory after two weeks of unrest in which seven people died and hundreds were injured, few expect a fast return to normality in the nickel industry. Mining operations at Societe Le Nickel (SLN), a historic nickel producer, have been stopped, and ore reserves -- a constant supply of which is needed to keep high-temperature refining operations running -- are dwindling. "We're running on empty," said one source at
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