Current nickel price not 'realistic' – FNX chief

The nickel market is skewed at the moment by a strike at Vale Inco's Sudbury, Ontario, and Voisey's Bay operations, which raises questions over the sustainability of the current price, FNX Mining CEO Terry MacGibbon said on Thursday. FNX also has...

FNX Mining Q3 loss widens

Toronto-based FNX Mining has posted a bigger third-quarter loss this year than in 2008, after revenue dropped 75% and the firm recorded a big impairment charge on its holding in fellow Canadian Gold Wheaton. Brazilian-owned Vale Inco, which has a...

FNX restarts ore deliveries to Vale Inco mill

Toronto-based FNX Mining would start delivering ore on Wednesday from its Sudbury operations to Vale Inco's Clarabelle mill, spokesperson David Constable told Mining Weekly Online. Vale Inco, which has a long-term processing agreement covering all...

FNX not losing sleep as Vale Inco strike drags on

Canada's FNX Mining is well positioned to ride out a strike at Vale Inco's Sudbury, Ontario, operations, at least until the end of this year, CEO Terry MacGibbon said on Friday. Brazilian-owned Vale Inco processes all the ore produced at FNX...

FNX posts loss, shares fall

Shares in Sudbury miner FNX Mining slid 12% in early trading on Monday, after the company reported a net loss for the fourth quarter of C$397,4-million. A year earlier, profit was C$32,28-million.

FNX cancels $100m credit facility as borrowing costs soar

Base-metals miner FNX Mining has opted not to renew a $100-million line of credit facility, because the costs involved would be "significant", and the company believes its balance sheet is strong enough to support planned spending in 2009. "As a...

Project delays, mine shutdowns and cutbacks

A chronological summary of project delays, mine shutdowns and production cutbacks announced by miners around the world in response the falling metals prices and tightening financial markets. Begins July 2008.

FNX announces more Sudbury nickel cutbacks, chops 307 jobs

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...

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

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...

Airborne survey shows mineralisation - Pele

Canadian explorer Pele Mountain Resources said on Friday announced today that an airborne geophysical survey had discovered conductors at its Sudbury Offset project in northern Ontario.