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Glencore and Jinchuan Group to procure Nickel West unit

The BHP group has been atomizing the Nickel West unit sale, the whole unit will be sold or major part of of the unit will be sold and the rest will be shut down. Either way the BHP group will be provided with a clean exit. Jinchuan group is primarily interested in grabbing the smelter while Glencore is very much interested in the refinery. Even though no strict chart was made in the bidding, BHP has narrowed down the list to Glencore and Jinchuan.

Both bidders can easily clear all the environmental liabilities attached to the nickel west unit, which is worth about 2 million dollars. Negotiations are being done regarding the rehabilitation bill for the resources.

Other than Glencore and Jinchuan, First Quantum Minerals of Canada, has also shown interest in the unit. Traffigura and X2 Resources have also been raising faint cries regarding the bidding.

According to consensus analyst, Nickel West unit is worth, 340 US dollars, whereas USB states that, taking in consideration the environmental liabilities of the unit, the value would be negative 800 million US dollars. Whether BHp will accept a part or the whole liability during the sale, is not yet confirmed.

Source:Scrap Monster

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