Reuters reported that Indonesia expects its nickel smelter, which is being constructed in Central Sulawesi, will start operations towards the end of 2014. The Indonesian government announced that it will no longer allow unprocessed mineral exports after January 2014, a rule that has been heavily criticized by miners who believe smelters are not viable for all metal ores that the country exports.
Reuters reported that Russia’s Norilsk Nickel might halt operations at its nickel mine in Botswana due to a sharp drop in the prices of metals.
Reuters reported that nickel prices have reached its lowest in four years at $15,092 per ton.
North American Nickel Inc (TSXV:NAN) announced that its first tranche of non-brokered private placement garnered a gross proceeds of $4,458,345 through the issuance of 26,225,561 units. The proceeds will be used to finance the company’s Maniitsoq 2013 exploration and drill program.
Mining Weekly reported that Clive Palmer announced his plans to invest A$1 billion in an upgrade for Queensland Nickel’s Yabulu refinery that would include the construction of new plant facilities, railway, and a tailings treatment facility.
Bloomberg reported that nickel supplies will be higher than demand by about 52% and will have a surplus of 82,000 metric tons this year due to weak consumption globally, according to Macquarie Group Ltd.
Mining Weekly reported that Bindura Nickel Corporation has made its first shipment to Durban from the newly restarted Trojan nickel mine in Zimbabwe after being idle for 4 years.
Bloomberg reported that nickel is bottoming as prices go below the cost of producing alternatives such as the nickel pig iron or NPI.
Melkior Resources Inc (TSXV:MKR) announced that it has expanded its claims in the Ungava nickel belt in Quebec by map staking, acquiring 33 claims totaling 1,361 hectares.
Bloomberg reported that industrial metals continue to decline on the LME after economic data from the US and China raised concerns of a weakening demand.