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FPX Nickel Corp
Symbol FPX
Shares Issued 314,875,646
Close 2024-12-20 C$ 0.235
Market Cap C$ 73,995,777
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Globe says FPX's Turenne ponders Indonesian agreement

2024-12-23 06:20 ET - In the News

The Globe and Mail reports in its Monday edition that Canada's new free-trade agreement with Indonesia is causing an uproar in the nickel industry, with some executives saying that Ottawa should be clamping down on the Southeast Asian country, instead of opening up the domestic market to a flood of cheap supply produced with questionable environmental standards. The Globe's Niall McGee writes that earlier this month, International Trade Minister Mary Ng announced the Comprehensive Economic Partnership Agreement, which will see tariffs phased out on many goods between the two countries as of 2026. Canada already has no tariffs on imports of nickel from Indonesia. CEPA, however, will make it easier for Canadian mining companies to export nickel to Indonesia, with the country agreeing to eliminate, or phase out over time, a 5-per-cent tariff on nickel ores and concentrates, as well as several other derivatives of the commodity. Since Indonesia is already the dominant supplier worldwide of nickel, it is unlikely to need to import nickel from Canada, a much smaller producer, said Martin Turenne, chief executive officer of Vancouver-based FPX Nickel, which owns the Baptiste nickel project in British Columbia.

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