The SLN mining center in Tiébaghi, New Caledonia. Jean-Claude COUTAUSSE/Divergence
DECRYPTION – The government has decided to grant a loan of 40 million to SLN, the subsidiary of Eramet, in great difficulty.
It was an absolutely essential breath of fresh air. “The State has decided to provide new short-term financial support to SLN, which will take the form of a loan of 40 million euros”, announced Monday the Ministry of Economy. SLN (for Société Le Nickel) is the oldest nickel mining company in the world, founded in 1880 in New Caledonia. It is also an essential lung for the local economy, with 2,200 direct jobs and 8,000 indirect and induced jobs. Except that this lung has been breathing very badly for years. SLN is expected to post losses for the eleventh consecutive year for its 2022 financial year.
Read alsoNew Caledonia: nickel, a local treasure that stirs up greed and tensions
Despite high nickel prices, the company is suffering from soaring energy costs and difficult operating conditions, in particular due to torrential rains. Result: “SLN is in a very difficult profitability and cash flow situation”, we confide in Bercy. The government has therefore decided to support the company…
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