Canadian Miner Closes Nickel Mine in Australia Costing 330 Jobs

Published on April 30, 2024

Canadian miner First Quantum Minerals is set to close its Ravensthorpe Nickel Operation (RNO) in Western Australia, costing 330 jobs. Nickel is a key component of  lithium-ion batteries for electric vehicles (EV) and is also used in stainless steel production. First Quantum Minerals is listed on the Toronto Stock Exchange and its share price fell nearly 4 percent on April 29. The company cited operational and financial losses, along with declining nickel price forecasts as the reason for the closure. “Despite our best efforts to maintain operations by transitioning to a new operating strategy that involved ceasing mining activities, processing stockpiles and altering its approach to production, the site is incurring significant current and projected losses,” First Quantum said in a statement....

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