South32 completes ferronickel sale

Cerro Matoso is an open-cut mine and smelter producing ferronickel, located in Cordoba, Colombia.
Cerro Matoso is an open-cut mine and smelter producing ferronickel, located in Cordoba, Colombia.

South32 (ASX: S32) has completed its divestment of the Cerro Matoso mine and smelter in Colombia.

The transaction followed a strategic review in response to structural changes in the nickel market.

South32 says the sale further streamlines its portfolio towards higher margin businesses in minerals and metals critical to the world’s energy transition. It will also provide balance sheet flexibility to support investment in growth options in copper and zinc.

The buyer, CoreX Holding, will now assume economic and operating control of Cerro Matoso, including all current and future liabilities.

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