Colombia Will Renegotiate Nickel Contract With BHP

Reuters reported Colombia will renegotiate out-dated contract terms including royalty payments for BHP Billiton’s (NYSE:BHP) Cerro Matoso nickel mine.

As quoted in the market news:

Cerro Matoso, which bills itself as the world’s second largest producer of ferro nickel, has been in discussions with government officials for months over its agreements as Colombia tries to get better terms from the mining firm.

A Colombian tribunal, which solves disputes between companies and the government and whose decisions are binding, said the country must negotiate more favorable conditions.

Click here to read the full Reuters report.