Mounting monetary pressures stemming from the loss of its massive Panamanian copper mine have prompted Canada’s First Quantum Minerals to close its Ravensthorpe nickel mine in southwestern Washington state.
The shutdown begins Wednesday, May 1, according to a statement released through the company on Monday. Approximately 330 jobs will be lost as a result of the closure.
The company halted production at the mine in January, when the mine would be idle for at least two years.
The company continues to trade shares until 2025 and then plans to resume mining.
First Quantum explained in the announcement that it is struggling to find a sustainable monetary style for Ravensthorpe to continue as a going concern. Higher costs and a forecast of low nickel costs (due to the flood of cheap, low-quality metals from Sino-Indonesian operations). ) have exacerbated the problem.
“Despite our more productive efforts in operations by transitioning to a new operational strategy that involved shutting down mining operations, processing inventories and converting its production focus, the site is experiencing existing and projected significant losses,” First Quantum said in the statement.
The company said the decision to close the mine, as the process began on May 1, is the most productive strategic decision as it leaves the deposit intact for its long-term value.
The miner said the main suppliers of the operation had been informed to allow them to prepare for the closure of activities at the site.
And while the outlook for nickel is dim, the real story at First Quantum is the loss of more than 350,000 tons of steel from the Cobre Panama mine.
National elections to be held on Sunday in Panama are not expected to replace the situation, as the maintenance of the mine remains largely supported.
The mine’s marginal monetary scenario did help. BHP closed it due to its difficulties in obtaining a sufficiently good return.
Mining had already been suspended in 2009 and 2017. The 2009 shutdown, shortly after First Quantum bought the mine from BHP, left about 1,800 people unemployed, while the 2017 shutdown led to the loss of 450 jobs.
Last year, the mine produced about 30,000 tonnes of nickel in the form of combined hydroxide precipitate and about 1,000 tonnes of cobalt.
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