Ravensthore Nickel Operation to be suspended by First Quantum Minerals

The operation is to placed on care and maintenance from the beginning of September 2017 due to the persistently low nickel price. Full care and maintenance will be in effect by early October 2017.

Philip Pascall, Chairman and CEO, said "This decision is disappointing to us. Ravensthorpe is an excellent operation with an outstanding workforce and supportive community but the continuing depressed nickel market conditions, over some years, leaves us no option. Over the next few weeks we will work closely with our employees and key contractors to mitigate the impact and manage carefully the staged shutdown of operations. We will be offering assistance to employees in seeking further employment opportunities. We extend our sincere thanks to our entire workforce, local community, all levels of Government and our partners in the mining sector who have assisted Ravensthorpe since its restart in 2011."

The cost to suspend operations and enter care and maintenance is estimated at US$10 million with subsequent annual maintenance of approximately US$5 million. The permitting process for the Shoemaker Levy orebody is planned to continue along with regular review of the market conditions for potential restart of operations. The cost of restart, should favorable conditions be reached is estimated at US$10 million.

Read the article online at: https://www.globalminingreview.com/mining/15082017/ravensthore-nickel-operation-to-be-suspended-by-first-quantum-minerals/