Western Areas' Spotted Quoll underground mine in Australia delivered its first nickel ore on Friday, two months ahead of schedule. Western Areas, Australia's third-largest nickel producer, said on Friday a new mine had yielded its first nickel ore two
Japan's top nickel producer, Sumitomo Metal Mining Co., is predicting a glut in the supply of the metal. Bloomberg reports a global nickel surplus may soar in 2012 to the highest in four years as Europe’s debt crisis and a sluggish U.S. economy cuts demand: Supply will likely exceed demand by 54,000 metric tons in 2012, the biggest surplus since 2008, said Toru Higo, Sumitomo Metal Mining Co.’s general manager of nickel sales and raw materials. Demand outstripped supply by 63,000 tons last year, the first deficit since 2006, before moving to a surplus of 11,000 tons this year, Higo said.
Mining Weekly reports Albidon’s (ASX:ALB) problems escalated on Friday after it suspended operations at its Munali nickel mine, in Zambia.
Reuters Africa reports a company chaired by Australian iron ore magnate Andrew "Twiggy" Forrest wants to reopen a nickel mine in Western Australia shut more than 15 years ago. A successful restart of the Mount Windarra mine by Poseidon Nickel Co , would mark Forrest's return to nickel mining after quitting the board of Anaconda Nickel in 2002 and founding Fortescue Metals Group , Australia's third-largest iron ore company.
Minmetals is not finished acquiring companies to add to its stable of base metal mines, according to Bloomberg. The state-run Chinese miner, with operations in Australia and Laos, a month ago snapped up Anvil Mining for $1.3 billion, thus expanding its reach into Africa. Anvil’s key asset is the Kinsevere mine, located in the Democratic Republic of Congo. Bloomberg reports the firm is planning more takeovers because it needs to extend the life of its mines and boost valuations. Minmetals' stock is undervalued compared to other comparable raw materials producers and consummating more deals would help raise its valuation, says the story, quoting a manager at First Asset Investment Management Inc.:
Anglo American (LON:AAL) has discovered what could be Europe's largest nickel deposit in a bog in Finnish Lapland. Helsingin Sanomat reports exploration drilling by the British-American mining giant has found samples of ore containing 4% nickel in the Viiankiaapa mire area north of Sodankylä. That compares to 0.4% nickel in the nearby Kevitsa deposit being developed by First Quantum Minerals (TSE:FM), which has spent about 300 million euros constructing a new copper-nickel mine. The news site says Anglo American plans to double the number of drill holes to chart the width and depth of the deposit. The ore body is believed to extend to the surface and measure one kilometre long by half a kilometre wide.
London-listed ENK has announced the first nickel production from its Acoje pilot plant located 250 km north of Manila in the Philippines. Approximately 50 kg (dry weight) of nickel hydroxide product (NHP) was released from the filter press on October 25.
Royal Nickel (TSE:RNX) plans to advance its Dumont Nickel project, which is estimated to generate $1.1 billion after tax NPV, after receiving a prositive pre-feasibility study. The company, which made the announcement on Tuesday, expects production to start in 2015. On Wednesday afternoon Royal Nickel's stock was down 1.27% to 78 cents a share. The company says there will be a staged development so it can lower cost and risk. Initial capital expenditure of $1.1 billion for 50 ktpd operation is planned.
London-listed ENK has announced the first nickel production from its Acoje pilot plant located 250 km north of Manila in the Philippines. Approximately 50 kg (dry weight) of nickel hydroxide product (NHP) was released from the filter press on October 25.
Australian copper and zinc miner Kagara Ltd. (ASX:KZL) is selling its Lounge Lizard nickel mine. "Kagara and its adviser Goldman Sachs & Partners Australia have commenced discussions with potential purchasers of Kagara’s nickel assets. Kagara expects to finalise the sale process during the first quarter of 2012," Kagara said in a statement on Monday. Reuters reported that Kagara's mining partner, Western Areas, is not interested.
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