South32, an Australian diversified mining company, announced that it will sell its Cerro Matoso nickel iron business in northern Colombia to a subsidiary of the global industrial group CoreX Holding B.V. for up to US$100 million in cash. The transaction will result in South32 recording an impairment charge of US$130 million. 

South32 started a strategic review of the asset in early 2024, mainly because the global nickel market fell sharply. The company pointed out that its nickel production fell 6% year-on-year in the nine months ending March 2025 due to lower nickel grades. This reflected the increasing pressure on the overall nickel industry.