AFR REPORT:Nickel Industries, the biggest nickel producer on the ASX through operations in Indonesia and a partnership with Chinese billionaire Xiang Guangda, has warned Australia’s miners are no longer competitive in nickel.
Nickel Industries boss Justin Werner said a number of Australian miners had based their financials on a green premium that did not exist and was never going to based on his discussions with numerous carmakers.
The Wyloo curtailment follows First Quantum’s move to cease mining at the Ravensthorpe nickel laterite mine in WA, administrators for Panoramic Resources closing the Savannah mine, and IGO shedding jobs at its troubled Cosmos project.
IGO conceded in December that it may have to write off all of the $1.3 billion it paid for the Western Areas nickel assets in 2022.
Wyloo and BHP also face big write-downs on the value of their nickel operations in WA.
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