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sale","south32-divests-from-nickel-with-cerro-matoso-sale","article/south32-divests-from-nickel-with-cerro-matoso-sale",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":630,"featured":51,"reporter":631,"_editable":635,"component":636,"seo_title":543,"categories":637,"visibility":643,"author_company":49,"featured_image":644,"seo_description":630,"author_full_name":49,"author_job_title":49,"formattedDate":648,"formattedArticleDate":649},"0c483654-5d46-4316-93d0-10a73608a078","2025-07-07 00:00",[550,553],{"slug":551,"name":552},"colombia","Colombia",{"slug":554,"name":555},"south-32","South 32",[557],{"slug":558,"name":559,"content":560},"matthew-bird","Matthew Bird",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Senior Editor - Supply Chains & Data Visualisation",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":567,"content":568},"doc",[569,576,581,586,595,600,605,610,618],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"South32 has entered a binding agreement to divest its only nickel asset, the Cerro Matoso mine in Colombia, marking the end of a strategic review of the operation. After months of signalling structural shifts in the nickel market, the company has decided to exit nickel altogether, with the CEO Graham Kerr calling it a necessary step to streamline South32’s portfolio toward “higher-margin businesses in minerals and metals critical to the energy transition.”","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"The buyer, CoreX Holding, backed by Robert Y. Yildirim (CEO of Turkey’s Yildirim Group), will pay up to $100 million for the mine, with final consideration contingent on future production, nickel prices, and legal conditions.",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"The sale may seem surprising:",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"type":590,"attrs":591},"image",{"id":49,"alt":592,"src":593,"title":49,"source":49,"copyright":49,"meta_data":594},"","https://lh7-rt.googleusercontent.com/docsz/AD_4nXcmju9HMzZdC7XB9wUQi3C-E0bQDv4xpnxNP42Djklye97irg7jQLGxqKeBwXnheMWYH0tx5XgTWSZzD0ybdx6OrtCofEMV4lMH1GzzQleGyTjCxIN5PPvWV8WFE8uvskdBDvrUhA?key=EHD5CDhOUreNxor7HvWqsg",{},{"type":570,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":575},"However, Cerro Matoso has faced challenges. South32 reported a realised nickel price of $13,426/t for the nine months ending March 2025, representing a 16% discount (-$2,500/t) to the LME benchmark, suggesting margins are under pressure and could turn negative if costs are not controlled. Meanwhile, a sustained dispute with the Colombian government over tax and royalty payments has added regulatory uncertainty since at least 2019.",{"type":570,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":575},"For Yildirim, the acquisition signals a bold long-term bet. As global nickel prices remain under pressure, this move reflects a strategy of vertical integration and supply diversification, offering buyers in Europe and the US an alternative to China-linked supply chains.",{"type":570,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":575},"Following Anglo’s divestment of its Brazilian ferronickel assets to China’s MMG, the Cerro Matoso sale marks another step in a rising wave of M&A, as strategic players reposition in a nickel market facing long-term structural shifts.",{"type":570,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":575,"marks":615},"For the first time, subscribers to the Benchmark Nickel Forecast have access to the full 2025 nickel cost curve — giving asset-level visibility into margins, cost floors, and price risk in an oversupplied market.",[616],{"type":617},"italic",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575,"marks":623},"Reach out to find out more.",[624,629],{"type":625,"attrs":626},"link",{"href":627,"uuid":49,"anchor":49,"target":49,"linktype":628},"https://www.benchmarkminerals.com/forecasts","url",{"type":617},"South32 has entered a binding agreement to divest its only nickel asset, the Cerro Matoso mine in Colombia, marking the end of a strategic review of the operation. After months of signalling structural shifts in the nickel market, the company has decided to exit nickel altogether, with the CEO Graham Kerr calling it a necessary […]",[632],{"slug":558,"name":559,"content":633},{"job_title":561,"image":634,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0c483654-5d46-4316-93d0-10a73608a078\", \"id\": \"\"}-->","article",[638,641],{"slug":639,"name":640},"critical-minerals","Critical Minerals",{"slug":642,"name":150},"nickel","private",{"id":49,"alt":592,"name":592,"focus":592,"title":592,"source":592,"filename":645,"copyright":592,"fieldtype":646,"meta_data":647,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/bff6aa10cd/bm-mining.jpg","asset",{"alt":592,"title":592,"source":592,"copyright":592},"Jul 07, 2025","7th July 2025",[],[],1780670052404]