Below is an AI overview of Glencore's nickel business in...

Below is an AI overview of Glencore's nickel business in Canada.

As it is currently in decline, I am wondering if they would a change of direction into the downstream processing of lithium in Canada?

“Yes, Glencore appears to be experiencing a downturn in its Canadian nickel business, as indicated by declining production figures and cost-related challenges. Glencore's nickel production in the first three quarters of 2024 was down 8.92% compared to the same period in 2023. Rising operational costs, including energy, environmental compliance, and labor expenses, are squeezing margins. This has led to a restructuring of some Canadian smelters and has pushed some operations into negative cash flow.

Here's a more detailed look:

• Decreased Nickel Production:

  Glencore's nickel production in the first three quarters of 2024 was 62,300 tonnes, a decrease of 8.92% from 68,400 tonnes in the same period of 2023.
• Rising Costs and Declining Margins:

  Operating costs in Canada, including energy prices, environmental expenses, and labor costs, have increased, while processing revenues have decreased. This "cost-price squeeze" has negatively impacted profitability.
• Restructuring of Canadian Smelters:

  Glencore is overhauling its Canadian smelters due to the declining profit margins.
• Challenges in the Global Nickel Market:

  The global nickel market is facing challenges, including declining prices and increased competition.”