SHANGHAI, Oct. 29 (SMM) - New Caledonia has authorized MKM to sell low-grade nickel ore to China. 

MKM is the country’s only one company being permitted to export the resources to China, and the company will ship 300,000 tonnes of ore in the next 18 months to China. 

The heads of the national and local governments of New Caledonia, boasting 1/4 world’s nickel resources reserves, vetoed exports of nickel laterites ore to China in August. 

Politicians in Noumea fear that industry-wide losses will exceed $1 billion this year, affecting not only the country's three smelters but also subcontractors.

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