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Small-Scale Nickel Producers Successively Withdraw From Nickel Production
= First Nickel / Canada Suspends To Operate Nickel Mine
Small-scale nickel producers are continuing to suspend their nickel production. First Nickel, based on Toronto of Canada, announced on the end of last week that the Company has decided to suspend its operation at the Lockerby nickel mine located in Sudbury area of Ontario province but, when the circumstances surrounding nickel have been improved, will have an option to resume nickel production.

The Lockerby nickel mine produced 3.3 million lbs. (1,500 tons) of nickel ore in 2007 and sold this output at US$10.13 per lb. on the average. This mine endeavored to reduce the cost for nickel production throughout 2008 but, owing to a steep fall of LME nickel prices (fell to US$4.76 per lb. for three-month futures at the 20th of October), top executive of this Canadian company said that there is no other way but to suspend our operation at the Lockerby nickel mine for the time being.

For a reference, First Nickel added that, while the operation at our nickel mine has been suspended, the Company will continue the work to explore and develop nickel resources.

In last week, Norilsk Nickel of Russia announced that the Company is placing its Cawse laterite nickel operation by PAL process in Western Australia for an indefinite period.
last modified : Wed 29 Oct, 2008 [11:26]
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