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Nickel News

HudBay says Jaguar's demand for shareholders' meeting 'not valid'

By: Liezel Hill     11th December 2008 Base-metals miner HudBay Minerals said on Thursday that a request from merchant bank Jaguar Financial that the company call a shareholders' meeting does not satisfy certain conditions, and is therefore invalid. Jaguar opposes HudBay's plan to acquire fellow Canadian Lundin Mining, and has... 

FNX announces more Sudbury nickel cutbacks, chops 307 jobs

By: Liezel Hill     10th December 2008 Canadian base-metals miner FNX Mining will extend the suspension of nickel ore mining at its Levack mine, and also plans to halt nickel ore production from the adjoining McCreedy West mine, effective immediately. Nickel-ore mining will be halted indefinitely at both the mines, which together... 

Lundin agrees to sell Aljustrel mine in Portugal

By: Liezel Hill     8th December 2008 Base-metals-miner Lundin Mining has entered into a nonbinding agreement to sell its Aljustrel zinc mine, in Portugal to MTO SGPS, a Portuguese company, the firm announced on Friday evening. Besides other conditions, the agreement requires final approval from the boards of Lundin and MTO. 

Lines are drawn in battle for HudBay's future

By: Liezel Hill     5th December 2008 Neither side was giving an inch of ground on Friday, as HudBay Minerals and rogue shareholders Jaguar Financial took turns to argue their cases and trade barbs in successive conference calls. HudBay surprised just about everybody when it announced plans two weeks ago to buy Lundin Mining, a... 

Xstrata won't reopen Falcondo nickel mine

By: Liezel Hill     4th December 2008 The Falconbridge Dominicana (Falcondo) nickel mine and plant will not resume operations, and will be placed on care-and-maintenance, Xstrata Resources said on Thursday. Falcondo, in the Dominican Republic, has a capacity of 29 000 t/y of nickel in ferronickel. 

Vale closes Sudbury nickel mine indefinitely, defers project

By: Liezel Hill     4th December 2008 Brazil's Companhia Vale do Rio Doce will shut its Copper Cliff South mine, in Sudbury, Ontario, in January, because of weak nickel prices and slumping demand, the firm announced on Thursday morning. The mine, which produces 8 000 t/y of finished nickel, will be closed “for an undetermined period... 

Albidon MD Rogers steps down

By: Esmarie Iannucci     1st December 2008 ASX-listed exploration company Albidon on Monday announced that Dale Rogers had resigned as MD. The company stated that, by mutual agreement, it had been decided not to renew Rogers’ contract when it expired. As an interim measure, directors Alasdair Cooke and Paul Chapman had been appointed... 

Norilsk Q3 nickel output rises to 75 067 t

By: Liezel Hill     28th November 2008 The world's number-one nickel miner, Norilsk Nickel, produced 75 067 of the industrial metal in the three months ended September 30, compared with 68 835 t in the second quarter of this year. The Moscow-based company has operations in Russia, Finland, South Africa, Botswana and Australia, and is... 

Instrumentation firm optimistic it will have enough work till at least 2010 despite global crunch

By: Dennis Ndaba     28th November 2008 AltX-listed company B&W Instrumentation & Electrical says expanding into the mining industry and an increased focus on Africa are boosting the company’s new growth strategy. 

HudBay will respond to Jaguar demands, urges no action for now

By: Liezel Hill     26th November 2008 Canadian base-metals miner HudBay Minerals confirmed on Wednesday that it has received a demand from merchant bank Jaguar Financial Corp, that the company call a shareholders meeting in order to reconstitute the HudBay board. Jaguar, which holds shares in HudBay, said on Friday that it plans to... 

Albidon secures $16m to develop Zambia nickel project

By: Mariaan Webb     26th November 2008 African nickel-miner Albidon has secured $16-million funding for the development of its Munali project, in Zambia. The Perth-based miner said in a statement on Wednesday that the additional funding would be used to bring its Munali nickel project, near Lusaka, through from commissioning to... 

Mwana Africa closes Zimbabwean nickel mines

By: Mariaan Webb     26th November 2008 Mwana Africa has closed down two nickel mines in Zimbabwe after nickel prices fell, and operational and power problems undermined the viability of the operations. Mwana Africa’s 52,9%-held subsidiary, Bindura Nickel Corporation (BNC), has placed the Trojan and Shangani mines on... 

Sherritt seeks cost cuts at Ambatovy project, warns of delays 

By: Liezel Hill     25th November 2008 Canadian diversified mining and energy firm Sherritt International will draw up a new development plan for its Ambatovy nickel/cobalt project, in Madagascar, and warned on Tuesday that the revisions could delay the mine's start-up. Sherritt owns 40% and partners Sumitomo and Korea Resources each... 

Norilsk suspends two Australian mines as costs rise, prices fall

By: Liezel Hill     24th November 2008 Norilsk Nickel, the world's biggest producer of nickel and palladium, will put its Waterloo and Silver Swan underground mines, in Western Australia, into care and maintenance, the company announced on Monday. “These mines have been operating under increasing cost pressures for some time and a... 

Copper-miner Palabora producing one-third of the world’s vermiculite, emerging as iron producer

By: Martin Creamer     21st November 2008 Rio Tinto’s Palabora Mining Company, South Africa’s only major copper producer, also produces a third of the world’s vermiculite and is an emerging iron-from-magnetite supplier.  

Xstrata to close Ontario nickel mines early

By: Liezel Hill     13th November 2008 Xstrata Nickel will cease operations ahead of schedule at the Craig and Thayer-Lindsley mines, in Sudbury, in response to low nickel prices, the company announced on Thursday. Both operations are nearing the end of their productive lives, the group said. 

African Eagle expects Dutwa resource estimate early next month

By: Esmarie Iannucci     11th November 2008 Aim- and JSE-listed mineral resources company African Eagle on Tuesday reported that its board was very optimistic about the Dutwa nickel project, in Tanzania, after it received results for all 139 reverse circulation drill holes. The most significant drill results included 48 m at 1,30% nickel... 

FNX pares down to 'bare-bones' budget for 2009

By: Liezel Hill     6th November 2008 Canadian metals miner FNX Mining has cut its spending plans for this year for a second time, and expects to further “dramatically” reduce expenditures in 2009, the firm said on Thursday. FNX, which produces copper, nickel and some precious metals from mines in Sudbury, Ontario, posted a net loss... 

FNX reports loss on lower metals prices, writedowns

By: Liezel Hill     6th November 2008 FNX Mining, which produces base and precious metals from mines in Sudbury, Canada, posted a net loss of C$26,5-million for the three months ended September 30, after earnings were hurt by lower commodity prices and writedowns in the quarter. A year earlier, FNX reported profit of C$12,5-million. 

Current zinc, nickel prices 'not sustainable' – HudBay's Palmiere

By: Liezel Hill     5th November 2008 Current base-metals prices are “not sustainable for any period of time”, HudBay Minerals CEO Allen Palmiere asserted on Wednesday. “Fifty cents [a pound] is a zinc price that is going to push the vast majority of zinc operations under water,” he said on a conference call with analysts and... 

African Eagle receives positive results from Tanzania nickel project

By: Esmarie Iannucci     5th November 2008 UK-based mineral resources company African Eagle Resources has received positive results for another 30 drill holes at the company’s Dutwa nickel laterite project, in Tanzania, it said on Wednesday. “The latest grades, which are from the peripheries of the deposit, continue to show good... 

Braemore confident it will survive financial turmoil

By: Chanel de Bruyn     29th October 2008 JSE-listed nickel and platinum processor Braemore Resources on Wednesday said it remained committed to its objectives, despite the volatile market making it "challenging" for large and small mining companies to operate. "We remain committed to our long-term objectives and, despite a tougher... 

Subprime panic weakens base metals demand

By: Irma Venter     24th October 2008 Activity in the base metals sector has been dominated by the continued fall-out from the subprime crisis - this according to London-based Natixis Commodity Markets’ (NCM’s) fourth quarter metals review. 

FNX halts contact nickel production from Levack mine

By: Liezel Hill     21st October 2008 TSX-listed FNX Mining has suspended contact nickel production at its Levack Complex, in Sudbury, Ontario, citing low commodity prices and low provisional metal accountabilities, along with high operating costs of mining the deposits. The company does not expect that the decision will result in... 

Xstrata Q3 copper volumes down 8%, coal, nickel output up

By: Mariaan Webb     21st October 2008 Diversified miner Xstrata on Tuesday reported stronger third-quarter ferrochrome, thermal coal, platinum, mined nickel, zinc in concentrate and lead output, while copper production fell in the three months ended September. The Zug-based miner attributed the 8% decline in copper output to lower... 

Highest nickel grade intercepts – African Eagle

By: Martin Creamer     21st October 2008 The Dutwa nickel laterite discovery in Tanzania had produced its highest-grade intercepts to date, Aim- and JSE-listed African Eagle MD Mark Parker said on Tuesday. Parker said that 85% of drill holes had return favourable nickel grade and thickness in the Dutwa project area, which was... 

First Nickel halts output at Ontario mine on low metals prices

By: Liezel Hill     20th October 2008 TSX-listed First Nickel has suspended production at its Lockerby nickel mine, in Canada's Sudbury basin, the company announced on Sunday, citing low metals prices and difficult financial conditions. The firm is placing the mine in a care and maintenance programme, which will enable it to restart... 

Nickel market unlikely to recover until well into 2009 

By: Brindaveni Naidoo     17th October 2008 Autonomous and intergovernmental organisation, the International Nickel Study Group (INSG), reports that world primary nickel usage in 2008 started well, but as world economic upheaval continued, including the tightening of credit facilities, nickel prices declined and demand and production for... 

Albidon sells first concentrate from Munali

By: Esmarie Iannucci     13th October 2008 ASX-listed mining company Albidon in October recorded its first revenue from the sale of concentrate from its Munali nickel project, in Zambia, which the company said was a significant step in the transition from developer to producer. The company was also actively seeking to sell a parcel of... 

Russian miner halts zinc, nickel projects due to financial turmoil

By: Reuters     10th October 2008 The Russian Copper Company has temporarily shelved separate projects to expand into nickel and build a zinc plant with a rival miner due to the global financial crisis, a company spokesman said on Friday. The company, Russia's third-largest copper producer, said all existing projects would... 

Outlook for global mining industry positive – US CEOs

By: Brindaveni Naidoo     10th October 2008 CEs of the US coal, minerals and mining equipment companies described the state of the mining industry a positive both in the US and globally, as growth in the developing world continues to fuel demand for coal, minerals and mining equipment. 

Braemore secures first right of refusal over Atomaer projects

By: Martin Creamer     6th October 2008 JSE- and Aim-listed Braemore Resources had secured first right of refusal over the nickel and platinum projects of its controlling Atomaer shareholder and put an end to a perceived share overhang, CEO Leon Coetzer said on Monday. Coetzer said that the new relationship removed the potential for... 

Norilsk Nickel profit drops by one-third on lower prices

By: Chanel de Bruyn     3rd October 2008 Lower metal prices and increasing inflationary costs in Russia resulted in a 33% decline in base metals and platinum-group metals (PGMs) producer Norilsk Nickel's net profit for the first half of 2008. The company at the weekend reported a decline in net profit to $2,68-billion for the six... 

Canadian Royalties still seeks funds for Quebec nickel mine

By: Liezel Hill     1st October 2008 TORONTO (miningweekly.com) TSX-listed Canadian Royalties is in ongoing talks to secure project financing for its Nunavik nickel mine, in Quebec, but is going ahead with its plan to scale back activity at the site until the funding has been arranged, the firm said on Wednesday. “Discussions and... 

Talvivaara produces first metal on schedule

By: Liezel Hill     1st October 2008 London-listed Talvivaara produced the first metal sulphides on Wednesday, from its new €250-million recovery plant, the firm reported in an emailed statement. Mining operations got under way at the company's world-first bioheapleaching nickel mine in April this year, followed by the start-up of... 

Dutwa Africa’s first major base-metals discovery since Copperbelt – African Eagle 

By: Martin Creamer     1st October 2008 JOHANNESBURG (miningweekly.com) – The Dutwa nickel deposit in Tanzania appeared to be Africa’s first major base-metals discovery since the Copperbelt and the continent's "first major nickel laterite discovery", African Eagle Resources deputy chairperson Euan Worthington said on Wednesday.... 

International Royalty sees 'infinite opportunities' as cash-crunched miners come a-knockin'

By: Liezel Hill     30th September 2008 Colorado-based mineral royalty firm International Royalty Corp (IRC) finds itself in the enviable position of being able to “pick and choose” between a host of potential deals, as miners and hopefuls seek alternative financing options. “It's been an amazing year in terms of the sheer volume,”... 

Braemore widens loss, says made 'significant' progress at operations

By: Christy van der Merwe     29th September 2008 JOHANNESBURG (miningweekly.com) – JSE-listed nickel and platinum processor Braemore Resources on Monday reported a widened loss a share for the year ended June 2008, to 0,21p, compared with a loss a share of 0,16p for the comparative period. However, the company remained upbeat, stating that... 

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