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South32, Australia's South32, will pay $130 million for the sale of Colombian nickel assets

South32, an Australian diversified mining company, announced on Monday that it would incur a $130 million impairment charge related to the sale to CoreX Holding B.V. of its Cerro Matoso Ferronickel operations located in northern Colombia.

South32 anticipates receiving up to $100,000,000 in cash from CoreX. CoreX is a diversified industrial company with operations spanning the metals and mining sector, green energy and other sectors.

In January 2024 the miner began a strategic review at Cerro Matoso, citing an important decline in nickel prices.

Nickel producers are struggling with a price collapse fueled by a surge in production from Indonesia. This has forced some operators to cut spending, write off investments, and stop their mining operations.

South32's Nickel production decreased by 6 percent in the nine months ended March 2025, due to lower nickel grades. They also cited structural changes on the nickel market as continuing to put pressure on nickel prices.

BHP Group, world's biggest listed miner, announced in July 2024 it would cease its Western Australia nickel operations in October. It cited a drop in prices and an oversupply of metal in the global market.

(source: Reuters)