By Christian Moess Laursen

Glencore said it is looking for a buyer for its stake the Koniambo Nickel--KNS--joint-venture in New Caledonia given continued losses of the operations amid slumping nickel prices.

The Anglo-Swiss mining giant said Monday that it will fund the operation according to an agreed budget as it begins the transition to put KNS on care and maintenance.

Glencore will then initiate the search for a new industrial partner for the venture, in which it has a 49% stake.

"Even with the proposed assistance [from the French government], KNS remains an unsustainable operation and Glencore cannot justify continuing to fund losses to the detriment of its shareholders," the diversified miner said.

Write to Christian Moess Laursen at

(END) Dow Jones Newswires

02-12-24 0421ET