Automaker terminates Goldfields nickel-cobalt project deal

The West Australian

11/07

Global automaker Stellantis has pulled out of an offtake agreement with the company hoping to develop a $1.65 billion nickel-cobalt mine in the Goldfields as the depressed price of nickel hinders the ...

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offtake agreement with the company hoping to develop a $1.65 billion nickel-cobalt mine in the Goldfields as the depressed price of nickel hinders the ...</p>\n\n<a href=\"https://thewest.com.au/news/regional/alliance-nickel-hoping-to-renegotiate-stellantis-deal-after-global-automaker-terminates-existing-contract-c-20603830\">网页链接</a>\n\n</div>\n","source":"thewest_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Automaker terminates Goldfields nickel-cobalt project deal</title>\n<style 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$1.65 billion nickel-cobalt mine in the Goldfields as the depressed price of nickel hinders the ...</p>\n\n<a href=\"https://thewest.com.au/news/regional/alliance-nickel-hoping-to-renegotiate-stellantis-deal-after-global-automaker-terminates-existing-contract-c-20603830\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1064927863.SGD","symbol_name":"JPMorgan Funds - Europe Dynamic A (acc) SGD-H","start_time":0,"source_url":"https://thewest.com.au/news/regional/alliance-nickel-hoping-to-renegotiate-stellantis-deal-after-global-automaker-terminates-existing-contract-c-20603830","article_id":"2581483313","we_media_id":null,"thumbnails":["https://images.thewest.com.au/publication/C-20603830/a5e01b2b81b4beba913b442787b9fce45f0ec0c4.jpg"],"rights":{"source":"thewest_stock","url":"https://thewest.com.au/news/regional/alliance-nickel-hoping-to-renegotiate-stellantis-deal-after-global-automaker-terminates-existing-contract-c-20603830","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2581483313","pubTimestamp":1762509600,"columns":[],"sourceInfo":{"source_id":"thewest_stock","name":"The West Australian"},"weMediaInfo":null,"summary":"Global automaker Stellantis has pulled out of an offtake agreement with the company hoping to develop a $1.65 billion nickel-cobalt mine in the Goldfields.","collect":0,"end_time":0,"defaultTopTitle":"thewest.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1064927863.SGD":"JPMorgan Funds - Europe Dynamic A (acc) SGD-H","BK4534":"瑞士信贷持仓","STLA":"Stellantis NV","BK4099":"汽车制造商","BK4588":"碎股","BK4585":"ETF&股票定投概念"},"translate_title":"汽车制造商终止金田镍钴项目交易","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"STLA":0.88},"content_text":"Global automaker Stellantis has pulled out of an offtake agreement with the company hoping to develop a $1.65 billion nickel-cobalt mine in the Goldfields as the depressed price of nickel hinders the project’s development.Alliance Nickel informed the market on Friday Stellantis had provided notice it would terminate the binding offtake agreement on December 3.The automaker signed the deal in May 2023 for up to 170,000 tonnes of nickel sulphate and 12,000t of cobalt sulphate from Alliance’s $1.65b NiWest nickel-cobalt project south-east of Leonora for an initial five years.Stellantis — the company behind several well-known brands including Peugeot, Jeep, Chrysler and Maserati — also took an 11.5 per cent stake in Alliance worth $15 million.Alliance said the offtake deal termination arose because of “certain contractual milestone dates not being met, rendering the existing agreement inoperative”.“This is primarily due to challenging nickel market conditions and associated project financing constraints,” Alliance said.But the company claimed Stellantis had expressed its continued interest in NiWest and indicated its willingness to renegotiate offtake terms that better reflected the revised development time line and market conditions.Alliance said the nickel market had experienced pricing pressure during the past two years, which had affected the funding environment for new nickel projects globally.“These market conditions have required Alliance to defer project development activities while the company works to secure appropriate project financing on terms that will deliver value to shareholders,” it said.The company said it was actively exploring strategic alternatives, including a potential special purpose acquisition company transaction that could result in a listing on the New York-based Nasdaq stock exchange.When announcing the move last week, Alliance said being listed on the Nasdaq would provide access to US equity and capital markets, where critical minerals companies commanded significantly higher valuations than in Australian markets.Alliance managing director Paul Kopejtka said the company understood the rationale for Stellantis’ decision, and at the same time recognised that this presented a good opportunity for both sides to negotiate on a new agreement more reflective of the revised project development time line and forward strategy.“I firmly believe that the long-term outlook for nickel and cobalt remains positive,” he said.NiWest — which Alliance said contained one of the highest-grade undeveloped nickel laterite resources in Australia at 93.4 million tonnes at 1.04 per cent for 971,000 tonnes of contained nickel — was awarded Federal Government major project status in May last year.A definitive feasibility study released last November allocated a $1.65b cost to develop the project 35km south of Leonora and next to Glencore’s Murrin Murrin operations — the only operating nickel mine in WA following the industry’s implosion because of the supply of cheap Indonesian product which has depressed global prices.The study said NiWest could achieve average production of 20,000 tonnes a year of nickel sulphate and 1600 tonnes a year of cobalt sulphate for the first 12 years of operation, with the mine projected to have a 35-year life.This would generate ungeared post-tax free cash flow of $6.1b and a post-tax net of $1.5b.The study estimated an internal rate of return of 17.6 per cent after tax, with the payback period five years from first production.The study said NiWest had a competitive advantage, with the project firmly positioned in the first cost quartile for all-in-sustaining costs compared with domestic and international peers.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}