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Beleggen in nikkel

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Re: Beleggen in nikkel

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Australia lists nickel as ‘critical mineral’ to unlock billions in support

Australia classified nickel as a “critical mineral” on Friday, opening the way for the crisis-hit industry to access billions of dollars in cheap government loans, as its prime minister prepared wider policy support for the green energy industry.

Australia wants to build a battery chemicals industry to reap more value from its mineral wealth, but the nickel sector is facing thousands of job cuts after a jump in Indonesian supply saw prices plunge 40% in a year.

“The international nickel price is forecast to stay relatively low through 2024, and likely for several years to come until the surplus of nickel in the market is corrected,” Resources Minister Madeleine King said in a statement.

“In the meantime, this puts further Australian nickel operations at risk,” she said.

Placing nickel on the critical minerals list means nickel companies will have access to financing under Australia’s A$4 billion($2.6 billion) Critical Minerals Facility which offers low interest loans, and related grant programs.

Critics have suggested that the nickel downturn could dash Australia’s value-adding ambitions, suggestions that Prime Minister Anthony Albanese is expected to dismiss in a speech later on Friday.

Australia plans to unveil a substantial funding package for the green energy sector in a bid to drive the domestic development of clean energy technology, the Australian Financial Review (AFR) said in a report.

The nickel industry’s woes were highlighted on Thursday when BHP said that it was considering putting on care and maintenance its Nickel West division, for which it also announced a $2.5 billion writedown.

The operations employ 3,000 people and the announcement comes on the back of several closures this year.

Glencore, Australia’s second largest nickel producer behind BHP, said it was “very concerned” by the recent closures and nickel announcements and that a comprehensive government policy response was needed to support the sector amid “challenging market conditions.”

Including contractors, its Murrin Murrin operations employ more than 1,200 people.

The news sparked a rally in Australian nickel miners, with IGO shares closing up 8.7%.

Green premium
Australia and some producers have been pushing for a “green premium” in nickel to account for stronger regulations on environmental issues, governance and worker safety, but so far that has not emerged as a must-have for buyers.

King said discussions have been progressing with counterparts in the US, Canada and the EU to “ensure the high standards applied in Australian mining and production of nickel and other critical minerals are reflected in future pricing on international markets.”

“When the playing field is fair, Australian resources stand a fair chance,” she said.

But South32 CEO Graham Kerr said that the green premium concept was “a hard one to get behind” because it relied on governments picking and choosing industries to support.

“Where do a large volume of nickel units go?” he asked in a Thursday interview with Reuters. ” To China. Do they care whether it’s got a green premium ?”

South32’s Columbian nickel project Cerro Matoso is also under review due to low prices.

($1 = 1.5359 Australian dollars)

(By Melanie Burton; Editing by Edwina Gibbs and Kim Coghill)

https://www.mining.com/web/australia-li ... n-support/




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Re: Beleggen in nikkel

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Nickel faces existential moment with half of mines unprofitable

(Feb 26): Many of the world’s biggest nickel mines are facing an increasingly bleak future as they wake up to an existential threat: a near limitless supply of low-cost metal from Indonesia.

With roughly half of all nickel operations unprofitable at recent prices, the bosses of the largest mining companies last week sounded a warning that there was little prospect of a recovery.

The potential collapse of nickel mining from Australia to New Caledonia comes at a time when western governments are scrambling to secure the supply chains needed to decarbonise the global economy. But in an ironic twist, Indonesia’s coal-fired nickel output is pricing out greener metal that’s so far failed to command a market premium.

Wresting control of strategic metals from China has become a focal point of Joe Biden’s administration. Yet while US officials have dashed around the world looking to strike deals for materials such as cobalt and copper, the heaviest reverse has come in Chinese-backed Indonesian nickel, a key component of electric vehicles (EVs).

Indonesia now accounts for more than half of world supply, with the potential to reach three-quarters of all production toward the end of the decade.

“There is a serious structural challenge as a result of Indonesian nickel,” said Duncan Wanblad, chief executive officer of Anglo American plc, after his company took a US$500 million (RM2.39 billion) writedown on its nickel business last week. “They don’t seem to be letting up anytime soon.”

Traditionally, nickel has been split into two categories: low grade for making stainless steel and high grade for batteries. A huge Indonesian expansion of low-grade production led to a surplus, and, crucially, processing innovations have allowed that glut to be refined into a high-quality product.

Commodity markets have always been susceptible to cyclical volatility, especially when sudden supply and demand imbalances get a push from wider macro upswings or downturns. But what’s happening in nickel right now is different, with the entire industry undergoing a structural shift that has upended forecasts and models.

For BHP Group, the world’s biggest miner, nickel is a rounding error, contributing mostly losses to profits that routinely break US$30 billion a year. Yet in recent years the company has championed the metal, seeing it as a key growth market that will help offset its retreat from fossil fuels.

Instead it’s turned into a disaster.

This week CEO Mike Henry conceded that the company will have to make a decision on whether to shutter its flagship nickel business in Australia within the next few months. Having already written down the business’s value by US$2.5 billion, Henry said he expects the market to remain in surplus until at least 2030.

That means the pain is likely just starting.

Macquarie Group Ltd calculates that about 250,000 tons of annual production — equivalent to about 7% of the total — has been taken out of the market by closures, with another 190,000 of planned output delayed.

Combined with economic slowdowns in China and the US and the choppy adoption of EVs, nickel has been pummelled. The price fell 45% last year, and is currently hovering around US$17,000 a ton. According to Macquarie, at US$18,000 a ton 35% of production is unprofitable, while at US$15,000 a ton that jumps to 75%.

Anglo’s CEO Wanblad, who is reviewing nearly all the company’s mines in bid to cut costs, said that he will give the miner’s nickel business time in the face of the Indonesian threat.

“Our nickel business will undergo a fulsome review in terms of holding its head above water and making a viable profit,” he said. “I’m not giving up on the guys to come up with a plan that might help them readjust themselves into a position where they can function effectively.”

Glencore plc, which has already moved to shutter its nickel operations on the islands of New Caledonia, is one of the world’s biggest producers with sprawling businesses in Canada and Australia. At current prices, that business will make just US$500 million this year, with CEO Gary Nagle expecting prices to remain depressed.

“We see continuing strong production growth out of Indonesia,” Nagle said. “We do not expect significant price recovery in the short to medium term.”

With more than half a decade of oversupply ahead, more mines are likely to close before things get better. Should the market finally rebalance, that will leave Indonesia and China with even more market share then they already have.

Still, Indonesia’s rapid expansion has drawn criticism. Much of its production comes from coal-powered energy, giving it higher emissions per ton than rival producers, and its rapid expansion is eroding rainforests.

With little prospect of a near term recovery, western miners are pinning their hopes on state aid in the short term and a push toward customers — such as carmakers — demanding “greener” nickel in the future and being willing to pay more for it.

BHP this week called for the London Metal Exchange to expand its responsible sourcing policy to include environmental due diligence, helping to differentiate production from Indonesian and Chinese supply.

Still, as conceded by Glencore, so far buyers of nickel are unwilling to pay more.

“Right now there is not much of a premium in the market,” Nagle said.

https://theedgemalaysia.com/node/702421
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Re: Beleggen in nikkel

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Indonesia says its nickel supply will keep global prices low

(Feb 29): Indonesia, the world’s largest nickel exporter, has a sobering message for struggling producers of the battery metal elsewhere: don’t expect any meaningful revival in prices.

Septian Hario Seto, the government official who has overseen Indonesia’s nickel processing boom, says prices are unlikely to rise much above US$18,000 (RM85,842) a tonne on the London Metal Exchange. The Southeast Asian nation will ensure the market remains well supplied to keep costs lower for electric vehicle manufacturers, he said.

“This concept has to be well understood by all these nickel producers elsewhere,” Seto, a deputy at the Coordinating Ministry for Maritime Affairs and Investment, said in an interview on Wednesday. “The purpose for the government is to find an equilibrium so that nickel demand, especially for EVs, is well supplied.”

Nickel prices plunged by around 45% last year, and dipped briefly below US$16,000 a tonne earlier this month, as demand faltered and supply from Indonesia surged to more than 50% of the global total. Nearly half of all nickel operations worldwide are unprofitable at recent levels, forcing miners in Australia and New Caledonia to consider shutting down for good.

Prices should stay above US$15,000 a tonne, Seto said, as Indonesian smelters would be forced to cut production below that level. On Thursday, nickel was up 0.4% to US$17,670 a tonne on the LME as of 10:23am in Shanghai, near a three-month high.

While prices of the battery metal have been falling, demand should still increase over the longer term due to increased uptake of EVs. Indonesia, with the assistance of Chinese companies, has already moved to capitalize on that potential with new processing plants that make mixed hydroxide precipitate, or MHP, a form of nickel aimed squarely at automakers. Jakarta expects the total capacity of those facilities to double in the next three years.

That should be enough to satisfy the sector’s growing demand, Seto said. Indonesia sees keeping prices contained for the EV sector as key to ensuring nickel-based batteries remain competitive with lower cost alternatives including lithium iron phosphate, he said.

“We know what happened with cobalt three, four years ago,” Seto said, referring to a surge in the price of the metal that drove buyers to look at other options.“You have to make sure everyone in the ecosystem has a good profitability, not an excessive one.”

Indonesia’s MHP output, the lion’s share of which comes from Chinese-owned facilities, is increasingly being tied up in off-take deals, Seto said. Making the chemical is far less carbon-intensive than producing battery grade nickel through coal-powered smelting, which forms the bulk of the South East Asian nation’s capacity.

That’s important for EV firms sourcing Indonesian nickel, who are eager to safeguard their climate credentials. Several European automakers have been aggressively approaching Indonesian miners in order to lock in supply deals, Seto said, declining to name the firms.

US carmakers, meanwhile, are concerned about Chinese companies dominance of the global battery supply chain. The Inflation Reduction Act offers generous subsidies for EV production, provided they aren’t built with too high a percentage of Chinese components.

Indonesia has been seeking a critical minerals deal with Washington to ensure its nickel plays a key role in the EV supply chain of American companies. Jakarta has announced plans to trace ore to assuage concerns about compliance with environmental and labour standards.

“The message that we deliver to the US is that they’re not only facing competition from China for the supply of the nickel coming from Indonesia,” Seto said. “They are also facing competition from their friends in Europe.”

https://theedgemalaysia.com/node/702844
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Re: Beleggen in nikkel

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Eramet reaches deal to convert debt of New Caledonia nickel unit

Eramet said on Monday it had reached an agreement with the French government to remove from its balance sheet hundreds of million euros of debt related to its loss-making nickel subsidiary SLN in New Caledonia.

Existing loans to SLN worth 320 million euros from the government ($347.42 million) and intra-group debt of a further 325 million euros will be converted into a ‘quasi-equity’ instrument, the group said.

The conversion of the intra-group debt has no impact on the group’s consolidated accounts, it said.

The conversion will free SLN indefinitely from payments related to the debt but will not alter the capital of either SLN or Eramet, a spokesperson added by phone.

Eramet has a 56% stake in SLN, while the French state has a 27% stake in Eramet.

France’s finance ministry did not immediately respond to a request for comment.

SLN’s debt has been among issues addressed in negotiations to rescue New Caledonia’s struggling nickel industry.

Nickel processing in the French South Pacific territory has been sapped by high energy costs, political tensions and competition from cheaper Indonesian supply.

Reporting annual results on Feb. 21, Eramet had said talks with France over SLN’s debt were very advanced.

Eramet, which has refused to inject more funds into SLN, said it would continue to provide operational support to SLN “over time”, depending on potential financial support for SLN from the French government and New Caledonian authorities.

Paris had been seeking to finalize a deal in January to salvage New Caledonia’s three nickel processing firms, but talks are continuing.

SLN faces a deadline of April 10 to emerge from a separate court conciliation process aimed at overhauling its business.

France has offered loans to help to avert the collapse of New Caledonia’s two other nickel processing companies, Koniambo Nickel SAS (KNS) and Prony Resources.

KNS co-owner Glencore, however, last month suspended output at the KNS processing plant while it seeks a buyer for its stake.

($1 = 0.9211 euros)

(By Gus Trompiz; Editing by Tassilo Hummel and Ros Russell)

https://www.mining.com/web/eramet-says- ... ckel-unit/




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Re: Beleggen in nikkel

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Horizonte Minerals sinks further as company details additional costs for nickel mine

Horizonte Minerals (AIM, TSX: HZM) sank further this week after the company detailed additional funding that will be needed to complete the construction of its Araguaia nickel project in Brazil.

In an update on Thursday, the nickel developer said the total funding required is in the region of $567-$592 million, which is at least $100 million more than the cost-to-complete capital of $454 million estimated in its February 19 release.

The new cost estimate now includes $89 million for pre-production and ramp-up of the nickel mine, general and administration, and working capital required to bring the operation to positive cash flow. It also takes into account $25-$50 million related to transaction costs and a minimum cash contingency.

In addition to these costs, the company said it will need to reach a restructuring solution for the group’s existing liabilities, which, as of March 15, were approximately $418 million. These are comprised of $241 million in senior debt, a $27 million cost over-run facility, $68 million to trade creditors and $82 million of convertible loan notes.

Horizonte said it will also need a restructuring solution for its existing royalties arrangements. In 2019, the company signed an agreement with Orion Mine Finance for an upfront funding of $25 million to advance the Araguaia project. In return, Orion would receive a 2.25% royalty.

In Thursday’s news release, Horizonte said “it continues to hold discussions to restructure the group’s debt in conjunction with seeking a fully funded solution and is actively engaging existing and new potential investors.”

Horizonte’s lack of funds drew the concern of shareholders last fall, when it revealed that costs for the Araguaia project has increased by over a third and first production will be delayed. At the time, it had spent $429 million on Araguaia. The company started building the mine in May 2022, with the aim of producing up to 29,000 tonnes of nickel a year for the stainless steel market.

After announcing the project cost overrun, Horizonte saw its stock price plummet, going from C$2.22 a share in Toronto to trading at C$0.34 within the space of a week. Since then, its share price has continued to decline, now trading at its all-time low of C$0.03 with a market capitalization of C$8.1 million.

Evidently, efforts to raise more funds and alleviate the situation did little to boost investor confidence.

In December, the company secured an interim funding of $20 million, consisting of loans from its three biggest shareholders Orion, Glencore and La Mancha, to keep the Araguaia project alive.

Meanwhile, most construction activities at the nickel project have been paused while Horizonte seeks new sources of funding. Being developed as Brazil’s next major ferronickel mine, the project is subject to a feasibility study confirming the potential for a Tier 1 project producing 14,500 tonnes of nickel annually over a 28-year mine life.

https://www.mining.com/horizonte-minera ... ckel-mine/
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Re: Beleggen in nikkel

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Mining magnate Andrew Forrest urges China to demand greener nickel, FT reports

BENGALURU (April 7): Australian mining magnate Andrew Forrest has called on China to demand higher environmental standards from its global supply chain, particularly its companies conducting nickel processing in Indonesia, the Financial Times (FT) said on Sunday.

Forrest, the chairman of Fortescue Metals Group, said to the FT in an interview that electric vehicle manufacturers should be wary of Indonesian nickel, adding that it was being extracted at immense cost to the environment.

"China will need to enforce its own environmental standards on its global supply chains," Forrest was quoted as saying by the newspaper during a visit to Boao, China. He further added that every buyer of nickel "needs to be really careful if they're buying from that (Indonesian) source".

Nickel is a key ingredient that is used in electric vehicle batteries.

Indonesia had launched a revised "taxonomy" or green investment rulebook in February, categorising coal-fired power plants used in nickel facilities as part of the global transition to a green economy.

Environmentalists criticised the notion of categorising the financing of new coal power plants as sustainable, pointing out that such plants are a significant source of carbon emissions.

Indonesia has rapidly emerged as the new powerhouse of global nickel production but until now, has not produced the metal in the high-purity form traded on either the London Metals Exchange (LME) or the Shanghai Futures Exchange.

China has become Indonesia's top trading partner during the last decade, as its natural resources such as coal and nickel help power the world's second-largest economy.

https://theedgemalaysia.com/node/707253
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Re: Beleggen in nikkel

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VS en VK blokkeren handel in Russisch aluminium op metaalbeurzen
Door onze nieuwsredactie
13 apr 2024 om 11:11

De Verenigde Staten en het Verenigd Koninkrijk komen met nieuwe blokkades voor de handel in Russische metalen. Veel in Rusland geproduceerd aluminium, koper en nikkel mag niet meer worden verhandeld op de twee grootste metaalbeurzen ter wereld.

Het verbod geldt op de metaalbeurzen van Londen (LME) en Chicago (CME) en voor metalen die na zaterdag zijn geproduceerd.

De ministeries van Financiën van de Verenigde Staten en het Verenigd Koninkrijk hopen met de maatregel een belangrijke inkomstenbron voor Rusland af te knijpen tijdens de oorlog in Oekraïne.

De Verenigde Staten verbieden vanaf zaterdag ook de import van aluminium, nikkel en koper uit Rusland. Zo'n invoerverbod voerde het Verenigd Koninkrijk eerder al in.




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Re: Beleggen in nikkel

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Horizonte Minerals fails to secure financing, considering mine sale

Shares of Glencore-backed Horizonte Minerals (AIM, TSX: HZM) plunged on Monday after the company announced it has failed to secure additional financing needed to complete the construction of its Araguaia nickel project in Brazil.

The company stated in a press release that it is now exploring options such as a sale, liquidation or raising financing at the subsidiary level, following an 87% increase in the estimated cost to build the mine to more than $1 billion.

“Horizonte Minerals does not believe that any of these options are likely to recover any value for the company’s shareholders,” the company stated.

Shares of Horizonte Minerals plummeted by 89% by 10:10 p.m. EDT. The UK-based nickel developer now has a market capitalization of $8 million, compared to $241 million last October.

The company commenced construction of the mine in May 2022, with the aim of producing up to 29,000 tonnes of nickel a year for the stainless steel market.

As of April 10, 2024, Horizonte Minerals had a cash balance of $16.2 million, excluding cash segregated for the development of the Vermelho nickel-cobalt project.

“Despite the strong long-term outlook for nickel, investor sentiment has been dampened by low spot prices and near-term uncertainties, including the supply surplus from Indonesia,” the company said.

As reported by the Financial Times, Jim Lennon, a veteran nickel market analyst at Macquarie, said at a recent seminar that he could see less than 100,000 tonnes of nickel from new projects outside of Indonesia entering the market in the next three to four years.

This compares with 3.5 million tonnes of annual supply expected this year, according to Macquarie.

https://www.mining.com/horizonte-minera ... es-plunge/
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Re: Beleggen in nikkel

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First Quantum to shut down Ravensthorpe nickel mine

Canadian miner First Quantum Minerals (TSX: FM) has decided to shut down its Ravensthorpe nickel operation in Western Australia.

The company halted production at the mine in January, saying at the time that the mine would be idled for at least two years. During that time, the company intended to process stockpiles well into 2025 and then consider resuming mining.

Difficulties in finding a sustainable financial model for Ravensthorpe, higher operation costs, and lower nickel price forecast for the next few years, have prompted First Quantum to make a more drastic decision.

“Despite our best efforts to maintain operations by transitioning to a new operating strategy that involved ceasing mining activities, processing stockpiles and altering its approach to production, the site is incurring significant current and projected losses,” First Quantum said in the statement.

The company said the decision to shut down the mine, with the process starting on May 1, was the best strategic move as it leaves the orebody intact for future value.

First Quantum estimates that around 330 positions will be eliminated when the mine ceases all operations this week. Major suppliers to the operation have been notified to allow them to prepare for the shutdown of activities at the site, the miner said.

The nickel operation is the largest employer in Ravensthorpe and nearby Hopetoun.

The mine has always been viewed as a relatively high cost operation, and was previously suspended in both 2009 and 2017. The closure in 2009 left 1,800 people unemployed, while the shutdown in 2017 resulted in the loss of 450 jobs.

Last year, it produced about 30,000 tonnes of nickel in mixed hydroxide precipitate, and close to 1,000 tonnes of cobalt.

Prices for nickel, traditionally used in steelmaking and increasingly in the manufacturing of batteries, have been hovering around three-year lows, closing on Monday at $8.7 per pound.

The metal was the worst performer among the base metal complex on the London exchange and the Shanghai Futures Exchange in 2023, losing more than 40% of its value on both markets.

https://www.mining.com/first-quantum-to ... ckel-mine/
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Re: Beleggen in nikkel

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US, Philippines eye agreement to cut China nickel dominance

The US and the Philippines are in discussions over ways to prevent China from dominating nickel processing in the Southeast Asian nation, a key supplier of the metal that’s crucial for electric vehicle batteries.

One measure under consideration is a trilateral arrangement through which the Philippines would supply raw nickel material, the US would provide financing, and a third country such as Japan, South Korea or Australia would offer the technology required for smelting and refining, according to people familiar with the matter.

Talks with the Philippines — the world’s second-biggest mined nickel producer — are still in early stages, with key elements of any potential deal still to be worked out, including whether the US could deliver on financing, said the people, who requested anonymity to discuss private deliberations.

“The Philippines stands ready to partner with all countries who are pursuing energy security for all in a low carbon world,” the nation’s Environment and Natural Resources Secretary Maria Antonia Yulo Loyzaga said in a text message. “They must practice responsible mining and advance our global competitiveness by investing in onshore processing.

Spokespeople for the White House declined to comment.

Discussions come amid growing concern in Washington over China’s dominant position over nickel processing in Indonesia, the top supplier of the critical mineral. Primary demand for the metal, traditionally used to make stainless steel, is forecast to rise about a third to 4.4 million tons a year by 2030, according to BloombergNEF.

US officials say nickel is critical to President Joe Biden’s push for a green energy transition, and the potential partnership is among measures being pursued to reduce dependence on Chinese-produced critical minerals. Lithium-ion batteries will account for about 28% of nickel demand by the end of the decade, BNEF forecasts.

The talks also come as the global nickel market has been thrown into chaos after a flood of new supply from Indonesia — the result of huge Chinese investment and major technological breakthroughs. Mines across the world are at risk of closing, while others are asking for state bailouts or going bust.

The scale of the collapse has left some in the industry questioning if there’s a future for most mines outside of Indonesia, while China’s dominance over the nation’s processing sector has also raised concerns about the reliability of supply.

The Philippines plans to expand nickel mining despite the global surplus, and less than 3% of 9 million hectares (22.2 million acres) of land identified by the government as containing high mineral reserves is currently being mined.

Miners in the Philippines are being pushed to invest in processing facilities that can deliver higher-value products, instead of just shipping out raw metal ore. There are currently only two nickel processing plants, both operated by Nickel Asia Corp. which is partly owned by Japan’s Sumitomo Metal Mining Co.

The country has considered following Indonesia by taxing its nickel ore exports to lure investment in processing plants.

(By Peter Martin and Jennifer Jacobs)

https://www.mining.com/web/us-philippin ... dominance/
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