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Nickel News

Albidon restructures Zambia nickel project to reduce costs

By: Esmarie Iannucci     20th January 2009 Africa-focused base-metals-miner Albidon has suspended the development of the northern decline at its Munali nickel project, in Zambia, as the current nickel price environment did not warrant the capital expenditure on the project. The Perth-based company explained that only lower grade mining... 

New Australian cobalt discovery could be one of world’s top producers

By: Chanel de Bruyn     15th January 2009 The Mount Thirsty cobalt/nickel/manganese project, in Western Australia, had the potential to become one of the world's top cobalt producers with a net present value of A$450-million, ASX-listed exploration and mining company Barra Resources announced. The miner said in a statement on Thursday... 

Base-metals-miner Oz Minerals shuts Australian mine

By: Esmarie Iannucci     13th January 2009 The world’s second-largest zinc producer, Oz Minerals, on Tuesday announced that it would put the Scuddles mine, at its Golden Grove operations in Western Australia, on care-and-maintenance. The company stated that operating costs would be reduced by about $15-million, and zinc production for... 

African Eagle restricts operations to Dutwa nickel project

By: Creamer Media Reporter      9th January 2009 In a bid to conserve cash and steer the company through the current period of economic turmoil, diversified minerals exploration and development company, African Eagle Resources, would cut its operating costs, review and renegotiate all its active contracts and place most of its advanced projects... 

Victory Nickel wraps up acquisition

By: Liezel Hill     5th January 2009 TSX-listed Victory Nickel has completed its acquisition of fellow Canadian Independent Nickel, after the transaction was approved by Independent shareholders on December 23. As of December 31, 2008, Victory owned about 84% of the then issued and outstanding Independent shares.  

Norilsk halts Tati nickel ops after fault at BCL smelter

By: Liezel Hill     24th December 2008 The world's biggest nickel producer, Russia's Norilsk Nickel, will halt its Tati mine and concentrator in Botswana for 12 days, after a furnace breakdown at the smelter that processes most of the concentrate from the mine. The company will assess its options during the shutdown, and will place... 

Oz Minerals reports increased gold, copper, zinc resources

By: Liezel Hill     24th December 2008 The world's second-biggest zinc miner, Australia's Oz Minerals, increased its mineral resources of gold, copper and zinc year-on-year, the company said on Tuesday. On June 30, the firm's mineral resources stood at 19-million ounces of gold, 5,9-million tons of copper and 18,2-million tons of... 

FNX names COO, shuffles senior management

By: Liezel Hill     23rd December 2008 Canadian base-metals miner FNX Mining has appointed William Shaver as COO, the company announced on Tuesday. Senior corporate development VP Gord Morrison has also been appointed senior VP for exploration, while Catharine Farrow, who currently heads exploration, will take responsibility for... 

Oz Minerals closes nickel mine, slashes jobs

By: Mariaan Webb     19th December 2008 Oz Minerals, Australia’s third-largest diversified miner, will put its Avebury nickel mine on the west coast of Tasmania on care-and-maintenance, cutting 189 jobs. CEO Andrew Michelmore said on Friday that the operations was unprofitable, as the current nickel price stood at around $4,40 a... 

Tito Martins named new Vale Inco chief 

By: Liezel Hill     19th December 2008 Rio de Janeiro-based Companhia Vale do Rio Doce has appointed Tito Martins as president and CEO of its nickel subsidiary, Vale Inco, from January 2009. Martins, who replaces Murilo Ferreira, will retain his current position of nonferrous minerals executive director, the group said in a statement. 

Anglo shares rise as capex is halved to $4,5bn, no pronouncement on job cuts 

By: Martin Creamer     17th December 2008 The shares of South Africa's largest mining group Anglo American rose on Wednesday after it halved its 2009 capital expenditure (capex) to $4,5-billion, and steered clear of any immediate job-cut pronouncements. The capex halving came with an assurance from Anglo American CEO Cynthia Carroll... 

Lundin closes private placement to HudBay

By: Liezel Hill     12th December 2008 Base-metals miner HudBay Minerals has bought 19,9% of Lundin Mining for about C$135,8-million. The transaction, which was agreed upon by the two companies as a prelude to a friendly merger, provides Lundin with a welcome boost to its working capital. 

Norilsk appoints Grand Duke Romanov as advisor

By: Liezel Hill     12th December 2008 Norilsk Nickel, the world's biggest producer of nickel and palladium, has appointed Russia's Grand Duke Georgy Romanov as advisor to the group's general director. Romanov, who claims to be a descendant of Russia's Imperial family, will represent the company's interests in the European Union,... 

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... 

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