French Economy Minister Bruno Le Maire aims to reach an agreement by January 2024 to rescue New Caledonia's struggling nickel industry, which holds the world's largest nickel reserves.

The proposal involves unlocking untapped mining resources for nickel exports and shifting focus to the European electric vehicle battery sector. It includes EUR 1.5 billion in short-term financing for three major producers and reforms in New Caledonia's energy system.

The French government is committed to revitalizing the nickel industry in the region.