Australia's South32 to take loss of $130 million on sale of Colombian nickel assets
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Update time : 2025-07-11 19:11:46
South32, an Australian diversified mining company, announced that it will sell its Cerro Matoso nickel iron business in northern Colombia to a subsidiary of the global industrial group CoreX Holding B.V. for up to US$100 million in cash. The transaction will result in South32 recording an impairment charge of US$130 million.
South32 started a strategic review of the asset in early 2024, mainly because the global nickel market fell sharply. The company pointed out that its nickel production fell 6% year-on-year in the nine months ending March 2025 due to lower nickel grades. This reflected the increasing pressure on the overall nickel industry.
