FM - First Quantum Temporarily Halts Ravensthorpe Nickel Mine Operations Suspends Dividend | Benzinga
Canadian miner First Quantum Minerals (TSX:FM) has temporarily halted mining operations at its Ravensthorpe nickel mine in Western Australia.
The decision follows the forced closure of one of the company's key assets, a copper mine in Panama.
The Ravensthorpe nickel operation will witness a 30% reduction in its workforce — approximately 125 people. First Quantum stated that nickel sales would continue from existing stockpiles.
Mining will resume at the Hale Bopp and Halleys ore bodies at Ravensthorpe once the stockpiles are depleted. That could take 18 to 24 months.
The mine’s recent financial performance has been under strain, with losses amounting to $66 million in the nine months leading up to September 30. Coupled with ...