BC’s First Quantum to Close Australia Nickel Mine Due to Weak Prices

Vancouver-based First Quantum Minerals Ltd. plans to suspend operations at its Ravensthorpe nickel mine in Western Australia next month due to consistently weak nickel prices, a move that will impact approximately 450 employees and contractors. The mine will be placed on care and maintenance, which is expected to take effect in early October, the company said. First Quantum said shutdown at the mine, located 500 kilometres southeast of Perth, would cost an estimated US$10 million, with an estimated US$5 million in annual maintenance costs.

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