First Quantum Minerals Halted Ravensthorpe Nickel Mine Operations
They noted that the global nickel market is currently oversupplied and that more supply cuts are needed to ensure a balanced nickel market.
SEATTLE (Scrap Monster): Vancouver, Canada-based First Quantum Minerals has decided to halt mining activities at its Ravensthorpe nickel operation in Western Australia for a period of two years. The decision would result in reduction of nearly 30% of its total mine workforce.
The move follows the mine reporting a loss of around $66 million during the initial nine-month period of the previous year. Analysts noted that the decision is a right one, especially under current unfavourable market conditions. They noted that the global nickel market is currently oversupplied and that more supply cuts are needed to ensure a balanced nickel market.
Nickel had emerged as the worst-performing base metal on the London exchange and the Shanghai Futures Exchange during the previous year, falling significantly by around 40% each on both the markets.
Ravensthorpe mine operations had been suspended earlier in 2017 for two years, on account of its high cost of operations. Later in 2021, the company had sold 30% stake in the mine to leading South Korean steel producer, POSCO.
The company press release noted that it would continue to sell nickel from its stockpiles. The stockpiles are expected to last roughly between 18 months and 2 years, after which it plans to resume mining at Ravensthorpe, it said.
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