Marius Kloppers, BHP Billiton’s chief executive is quite confident a merger with Rio Tinto and feels it would reap the targeted $S3.7 bn in annual cost savings despite the present economic crisis. For full story, click here For company’s website, click here
Price for nickel cathode will be an average $10.50/lb tin 2008, compared with $17.38 in 2007. In 2009, the new consensus average is seen averaging $6/lb. Stephen Williams, MD stainless steel materials, BHP Billiton, said: Niickel surplus could reach 22.7 million tons this year and rise to 47.4 million metric tons next year. For full story, [...]
Australian miner Mincor Resources NL announced that it expects its output of nickel ore to be in a range of 16,000-19,000 tonnes in fiscal 2009, down from an original plan of 19,500-20,500 tonnes. For full story, click here For company’s website, click here
The London Metal exchange inventories showed a significnt rise on Thursday, which dragged several other metals including Nickel. A LME Trader, said: The U.S. rate cut yesterday caused a short-term bubble but markets soon came back to the recent trend with prices trading lower. For full story, click here
By Leia Michele Toovey- Exclusive to Nickel Investing News The price of nickel used in stainless steel has slumped more than 60 per cent from the beginning of this year and some mining companies have been forced to cut back output or delay projects as prices have fallen below the marginal cost of production. Nickel [...]
Several projects may be delayed as they have become unprofitable due to reducing prices, but this could cause future supply tightness and push prices up again, feel industry sources. Dale Rogers, managing director of Albidon, said: With nickel down at $4.5 ($9,921/t) or $5 ($11,023/t) per pound some 40 odd percent of the world’s nickel [...]
BHP Billiton Ltd said that the output of Nickel at Australia’s Ravensthorpe mine will rise to 7,000 tonnes in the January-June half year from 2,000 tonnes in 2008. BHP Chief Financial Officer Alex Vaneslow, said: Ravensthorpe needed a nickel price of between $5 and $8 a pound to be cash positive at full production. For [...]
Falling prices of Nickel have forced two miners in Western Australia to announce review and restructuring of operations, which may include a likely delay or scrapping of new projects. Peter Johnston, chief executive of Minara Resources, said: While we are in a challenging period of a turbulent commodity market, and nickel has certainly been affected, we believe [...]
Fall in the price of the metal from record highs above $50,000 a tonne is set to continue into 2009, as Nickel is likely to decline well below $10,000 as a global economic recession bites. Richard Knights, analyst at Numis Securities. said: At current prices some 50% of the nickel industry is losing money. It is not a sustainable [...]
Two international banks have pulled out their support from a nickel mining project in New Caledonia blaming the global financial crisis for their action. For full story, click here
