South32 has signed a binding agreement to sell its Cerro Matoso ferronickel mine in Colombia to industrial group CoreX Holding in a deal worth up to $100 million. The Australian miner will receive nominal upfront consideration, plus up to $80 million in contingent payments tied to future nickel prices and production, and an additional $20 million linked to permitting milestones over five years. The sale aligns with South32’s strategy to streamline its portfolio and prioritize higher-margin metals such as copper and zinc, key to the global energy transition. Cerro Matoso has struggled amid falling nickel prices and global oversupply, particularly from Indonesia. Upon closing — expected by late 2025 pending regulatory approvals — CoreX will assume all liabilities associated with the mine. South32 will record a $130 million impairment charge in fiscal 2025, excluded from its underlying earnings. The deal is expected to close in late 2025, subject to merger approvals and corporate reorganization. South32 shares dipped 0.5% in Australia to A$3.10 and fell 1.35% in London to 146.2 pence following the announcement. CoreX, which owns nickel assets in North Macedonia, Kosovo, and Côte d’Ivoire, said the deal supports its global nickel growth strategy.