South32 has agreed to sell its Cerro Matoso ferronickel mine in Colombia to CoreX Holding in a deal valued at up to $100 million. The agreement includes minimal upfront payment, with up to $80 million contingent on future nickel production and prices, and an additional $20 million linked to permitting milestones over five years. This divestment aligns with South32’s strategy to streamline its portfolio and focus on higher-margin, energy transition metals like copper and zinc.