China stainless steel mogul fights to avoid a second collapse
A debt crisis is threatening the future of one of the world’s top stainless steel producers, Jiangsu Delong Nickel Industry.
Toronto-based First Nickel (TSX:FNI) had a good quarter, raising its production at the Lockerby mine 87% from Q4 2011.
The company said the mine in Sudbury, Ontario cranked out 1.2 million pounds of nickel and 0.9 million pounds of copper in Q1. Ore production amounted to 451 tpd compared to 241 tpd during the December quarter, and is expected to ramp up to 500-550 tpd in the second quarter.
First Nickel said it on target to reach full production of 10 million pounds of nickel per annum and 7 million pounds of copper by the fourth quarter.
Link to the full press release
