06:35:46 EDT Sat 27 Apr 2024
Enter Symbol
or Name
USA
CA



First Quantum Minerals Ltd
Symbol FM
Shares Issued 833,531,174
Close 2024-03-07 C$ 12.95
Market Cap C$ 10,794,228,703
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Globe says nickel glut weighs on First Quantum, rivals

2024-03-08 07:42 ET - In the News

The Globe and Mail reports in its Friday edition that Federal Natural Resources Minister Jonathan Wilkinson suggests imposing tariffs against Indonesia and China, due to their control over the global nickel market and potential for market manipulation. The Globe's Niall McGee writes that a surge of new global supply has caused nickel to drop by over 80 per cent, from a peak of $100,000 (U.S.) a tonne just two years ago to about $17,500 (U.S.) a tonne. Mr. Wilkinson says, "[It] is not only an economic concern for countries like Australia and Canada, but it is a national-security concern for the United States, Europe, Canada, Japan, every Western country." Mr. Wilkinson says tariffs could be part of several strategies that could be considered for nickel coming out of Indonesia. The crash in the price of nickel has caused several large Western producers to shut down mines, halt production and issue bleak forecasts. First Quantum Minerals, Glencore and Wyloo Metals are among the affected. Mr. Wilkinson says that the mine shutdowns that have played out in Australia will "eventually come to Canada." Australian Resources Minister Madeleine King is extremely concerned about the harm it has caused to Australian nickel producers.

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