Feb 12 (Reuters) - Glencore said on Monday it had decided to transition the loss-making Koniambo Nickel SAS (KNS) business it co-owns in New Caledonia to "care and maintenance", citing high operating costs and "very weak" nickel market conditions.

"KNS remains an unsustainable operation and Glencore cannot justify continuing to fund losses to the detriment of its shareholders," the company said in a statement, adding it will begin a process to identify a potential new industrial partner for the business. (Reporting by Eva Mathews in Bengaluru; Editing by Savio D'Souza)