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Australian mining company South32 Ltd (ASX:S32) announced it has entered a binding agreement to sell its Cerro Matoso nickel mine in Colombia to a subsidiary of CoreX Holding for up to $100 million in cash. The transaction comes after a strategic review of South32’s nickel operations and reflects its continued effort to realign its portfolio toward metals essential for the global energy transition.
The deal includes up to $80 million in cash payments tied to future nickel production volumes and market prices, as well as an additional $20 million linked to production milestones. South32 expects to record a non-cash impairment charge of approximately $130 million related to the sale in its fiscal year 2025 results.
The divestment marks a shift away from nickel amid challenging market dynamics and reinforces South32’s focus on investing in high-demand commodities such as copper and zinc, which are considered critical to renewable energy infrastructure and electrification.
South32 stated that proceeds from the Cerro Matoso sale will be used to support its strategic investments in copper and zinc growth projects. These include expansions in North and South America, aimed at meeting rising global demand for cleaner energy solutions.
Shares of South32 rose 0.6% on Monday, outperforming the broader ASX 200 index, which remained flat. The stock movement reflects investor optimism over the company’s transition towards future-facing commodities and its streamlined asset base.
The sale is subject to regulatory approvals and customary closing conditions. It highlights an ongoing trend among miners to pivot away from volatile commodity segments and into minerals with long-term growth potential tied to decarbonization efforts.
