Private equity fund GSOL eyes takeovers into expand ferronickel business #Add_ValidateFebruary 8, 2020
The Global Special Opportunities Ltd (GSOL) fund aims to boost its output of 50,000 tonnes a year of ferronickel both by expanding its current two operations and possible takeovers, Marcos Camhis said.
Ferronickel is a combination of nickel and iron used to produce stainless steel, which accounts for around 70% of total nickel demand.
“We’re on the lookout for additional projects in the nickel space, both in terms of ferronickel industrial assets, plants, and also in terms of undeveloped greenfield projects in mining,” Camhis, a director of GSOL, said in an interview this week.
“We have had active discussions with four or five different assets, some very preliminary to more advanced,” he said, adding that all of the assets were still under consideration.
The government, which owns 55% of Larco, has been working to avert a closure.
At Falcondo, where output had been suspended by Glencore, GSOL restarted one production line in 2016 and a second in 2018, and has now ramped up to around 30,000 tonnes a year of nickel contained in ferronickel.
GSOL has grown to be the world’s second biggest ferronickel producer after Eramet SA ERMT.PA and ahead of third-ranking SNNC/Posco 005490.KS.
Camhis is also on the board of Niron Metals, a private company led by former Xstrata boss Mick Davis, which is developing the Zogota iron ore project in Guinea.
GSOL has a 25% stake in Niron Metals.
Camhis had previously helped run asset manager CMA, which had $3 billion of assets when it was sold to Swiss bank EFG International in 2006.
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