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[Ferro-Alloys.com]
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.
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- [Editor:邢亚敏]
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