PARIS (dpa-AFX) - Glencore plc (GLEN.L), a Swiss metal and minerals company, Monday announced that it will initiate a process to identify a potential new industrial partner for Koniambo Nickel SAS or KNS.
KNS is a joint venture between French mining company Societe Miniere du Sud Pacifique SA and Glencore, whose shareholders have decided to transition KNS to care and maintenance.
The care and maintenance will be funded by Glencore at an agreed budget and the furnaces will remain hot for six months with the KNS team supporting critical activities required to maintain the asset integrity.
The company added that all local KNS employees will be retained for six months.
Glencore has been the custodian of KNS since 2013 and more than $4 billion has been funded by the company and a total of $9 billion since project inception.
The company also said that for over 10 years it has been a primary funder of KNS without realizing a profit.
Currently, Glencore shares are trading at 390.65 pence, up 1.45% in London.
Copyright(c) 2024 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2024 AFX News
