South32 offloads Colombia nickel mine Cerro Matoso to global industrial conglomerate CoreX
The deal will see CoreX — established by Turkish billionaire Robert Yuksel Yildirim in 2024 — pay nominal consideration and assume economic and operating control of Cerro Matoso, including all current and future liabilities.
Announcing the deal on Monday, WA-based South32 said the transaction followed a strategic review in response to structural changes in the nickel market.
CoreX will make future cash payments of up to $US100m, including up to $US80m of price-linked consideration based on future production and nickel prices, as well as up to $US20m, in four equal payments, based on permitting milestones within the next five years for the Queresas and Porvenir North project.
'The transaction is consistent with our strategy and will further streamline our portfolio toward higher margin businesses in minerals and metals critical to the world's energy transition,' outgoing South32 chief executive Graham Kerr said.
'Cerro Matoso has a long and proud history in Colombia. Over the coming months we will work with the Buyer, our workforce, the local communities, government, customers and suppliers to support a successful transition of ownership.'
More to come.
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