Norilsk Nickel has ended its involvement in Africa, selling its investments in South Africa and Botswana for $337 million in cash to BCL, Botswana’s state-owned mining and smelting company, BDlive.com reported.
Norilsk also stated its intention to sell its 50% of Nkomati Nickel, which it owned jointly with African Rainbow Minerals (ARM), and its 85% stake in Tati Nickel Mining in Botswana towards the end of last year.
Norilsk, which has also sold its assets in Australia, is focusing on its largest and lowest-cost assets. It described the African assets sale as the largest in its disposal program, unveiled last October.
The Indian nickel cash price experienced the biggest price decline of the day, dropping 1.1% to close at INR 930.40 ($15.18) per kilogram on Monday, October 27. On the LME, the nickel spot price rose 0.5% to $15,000 per metric ton. After a 0.3% increase, the nickel 3-month price finished the day on the LME at $15,050 per metric ton.
Chinese stainless steel prices closed flat for the day. For the fifth consecutive day, the price of Chinese ferro-chrome held flat at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly was unchanged at CNY 145,000 ($23,609) per metric ton.
The Allegheny Ludlum 316 stainless surcharge held steady around $1.06 per pound. The price of Chinese 316 stainless coil continues hovering around CNY 26,000 ($4,233) per metric ton for the fifth day in a row. The price of Chinese 304 stainless coil remained essentially flat at CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap held steady at CNY 16,100 ($2,621) per metric ton. The price of Chinese 304 stainless steel scrap was unchanged at CNY 16,400 ($2,670) per metric ton.