Nickel Miner With Tsingshan Ties Sinks 23% Before Trading Paused
- Nickel Mines pares day’s loss as trading resumes in afternoon
- Company has ties to Chinese tycoon behind big nickel short
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An Australian nickel miner with ties to Tsingshan Holding Group Co., the world’s top producer of the material, resumed trading after an earlier plunge triggered a pause within an hour of morning trading in Sydney.
Nickel Mines Ltd. closed closed 4.8% lower, trimming losses as much as 23% in its biggest drop since August 2018. The volatility follows a report that the chairman of China’s Tsingshan - which has a subsidiary doing business with the Australia nickel miner - is said to be facing billions of dollars in potential losses after its massive short position.