- Write by:
-
Wednesday, July 3, 2024 - 22:40:47
-
94 Visit
-
Print
The London Metal Exchange (LME) will suspend the listing of a nickel brand produced by a plant in Finland owned by Russian metals giant Nornickel, it said on Wednesday, without providing a reason for the suspension.
The decision by the LME, the world’s largest and oldest metals trading venue, is related to its responsible sourcing campaign, rather than Russia-related sanctions, two sources familiar with the matter told Reuters.
The LME declined to comment. Nornickel did not reply to a Reuters request for comment.
Deliveries of nickel cathodes and briquettes produced by Norilsk Nickel Harjavalta Oy will not be accepted for the LME nickel contract warranting from Oct. 3, the LME said in two separate notices.
The LME, owned by Hong Kong Exchanges and Clearing, said in January it would suspend or delist 10% of its listed metals brands until their producers provided it with their responsible sourcing reports.
Harjavalta, one of the largest nickel refining plants in Europe, is yet to complete its routine responsible minerals audit, one of the sources said, adding that the process was likely to be completed before the LME’s Oct. 3 deadline.
The plant has an annual production capacity of 65,000 metric tons of nickel which it produces from raw materials of Russian or other origin. Nornickel itself produced 209,000 tons of nickel in 2023.
The LME in April banned from its system all Russian aluminum, copper and nickel produced from April 13 to comply with US and UK sanctions imposed over Russia’s 2022 invasion of Ukraine.
Nornickel’s Finnish plant was unaffected by that decision.
Short Link:
https://www.miningnews.ir/En/News/628653
Indian metals-to-oil conglomerate Vedanta plans to step up nickel and nickel sulphate production and tap rising demand ...
Chinese billionaire Xiang Guangda’s battery company is hunting for more US investment opportunities despite mounting ...
The mining industry is currently one of the most significant contributors to planet-warming emissions — but it’s on ...
Indonesia’s government sees nickel prices stabilizing near current levels in the future, as new plants in the world’s ...
The London Metal Exchange floor (Image: HM Treasury – Flickr)
The London Metal Exchange unveiled a set of proposed ...
US miners and battery recyclers are rushing to close government loans worth billions of dollars before January out of ...
The future of ring trading on the London Metal Exchange looks assured for now after almost all the firms involved told ...
Madagascar’s Ambatovy nickel project companies filed a debt restructuring plan with an court in London on Wednesday, a ...
Indonesian state-controlled miner PT Aneka Tambang (Antam) is planning to acquire a smelter owned by a subsidiary of ...
No comments have been posted yet ...