Albidon: Suspends Zambia Munali Nickel Mine, Cites Low Prices
03 Marzo 2009 - 12:22AM
Dow Jones News
Australian nickel miner Albidon Ltd. (ALB.AU) Tuesday said it
will suspend its Munali nickel mine in Zambia immediately because
of low metal prices.
The Perth-based miner commissioned the project last year, and
produced first concentrate in July.
China's largest nickel producer Jinchuan Group Ltd. has a
life-of-mine off-take agreement with Albidon, and the sulfide mine
was expected to produce about 10,000 metric tons of nickel in
concentrate a year.
"Mining will be suspended. However, limited development
activities may recommence so that production levels greater than
900,000 tons per year (of ore) can be readily achieved when nickel
prices improve," Albidon said in a statement.
Munali is the latest in a long list of nickel mines that have
gone on care and maintenance because of the protracted downturn in
commodity prices.
The most prominent mine closure so far has been BHP Billiton
Ltd.'s (BHP) decision to suspend its 50,000-ton-a-year Ravensthorpe
mine, which like Munali was still in the ramp-up phase.
-By Elisabeth Behrmann, Dow Jones Newswires;
61-2-8272-4689 elisabeth.behrmann@dowjones.com
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