Australian miner South32 (NYSE:SOUHY) has agreed to sell its Cerro Matoso ferronickel mine in northern Colombia to an industrial conglomerate, CoreX Holding, in a deal valued at up to $100 million.
The agreement includes a nominal upfront payment, with additional payments tied to future nickel prices and production performance, as well as up to $20 million in permitting milestone bonuses over the next five years.
