0329 GMT - South32 will likely need to shutter its Cerro Matoso ferronickel mine in northern Colombia "given the depressed outlook for the nickel market," Jefferies analysts say. The asset is unprofitable based on their forecasts, the analysts say in a note. A closure of the operation would have a positive impact of around A$0.15/share on South32's net present value, they estimate. Results of a strategic review of the Cerro Matoso operations are expected next month alongside 1H earnings. Jefferies has a hold rating and A$3.40 target on South32. The stock is up 0.6% at A$3.50. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
January 19, 2025 22:29 ET (03:29 GMT)
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