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Holding 20% to 30% of the world’s nickel reserves, New Caledonia’s economy heavily relies on its production.
However, concerns over supply disruptions from New Caledonia, combined with sanctions on Russian metal, have pushed prices on the London Metal Exchange back above $20,000 per ton for the first time since September.
Nickel is indispensable for manufacturing stainless steel and is crucial for low-carbon technologies such as electric vehicle (EV) batteries, wind turbines, and solar panels.
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Despite its potential, the territory’s nickel industry is in crisis, with prices falling over 45% in 2023, plummeting to around $19,000 per ton, below the estimated production cost of $22,000 per ton.
“Nickel is the curse of New Caledonia,” commodities economist Philippe Chalmin said for BFM TV, highlighting the territory’s overreliance on this single resource as the industry employs a quarter of the territory’s workforce.
Global nickel prices have been pressured by Indonesia's rapid production expansion, heavily financed by China.
In contrast, New Caledonia's production has stagnated. Glencore‘s (OTCPK: GLCNF) closure of the Koniambo Nickel plant has further strained local communities, particularly in the pro-independence Northern Province.
French miner Eramet SA (OTCPK: ERMAF) has also significantly reduced its operations.
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