The French mining group Eramet has reported a net loss for the first six months of the year, citing a sharp decline in nickel prices and said it would step up its cost cutting plan.
Through its subsidiary SLN, Eramet maintains large mining operations in New Caledonia.
For the six months until the end of June the group recorded a net loss of 42.5 million US dollars.
AFP says sales for the first half also fell by about 7 percent.
Eramet's chief executive Patrick Buffet says his company has been heavily impacted by the fall in nickel prices.
He warned the situation is likely to continue in the short term because of excess global supply mainly due to the growth of nickel pig iron production in China.