A sharp decline in the price of the metal from the highs of above $50,000 a tonne is set to continue into 2009, as the metal may fall well below $10,000 as a global economic recession bites. Richard Knights, an analyst at Numis Securities, said: At current prices some 50 percent of the nickel industry is losing money [...]
By Leia Michele Toovey- Exclusive to Nickel Investing News Nickel companies are struggling to cope with dropping metal prices. On Wednesday, nickel prices were hammered again in a broader sell off triggered by demand worries. Nickel prices sunk as low as $10,000 per tonne by mid day after closing Tuesday at $10,700 per tonne on [...]
Analysts feel that the fallen price of the metal would make a Chinese New Year comeback, but not before a “fire sale” of juniors. Carey Smith, analyst from a boutique stock broking firm, said: It’s hard to imagine at the moment, but these times are actually very healthy for the market, It gets rid of the [...]
Continental Nickel Limited announced the results from the 2nd season of drilling on its 70% owned Nachingwea nickel sulphide project in Tanzania. For full story, click here For company’s website, click here
Nickel prices slipped over 6 percent on Wednesday to track other base metals lower as fears over the global economic outlook and demand dominated sentiments. For full story, click here
The company’s Avebury nickel mine in Tasmania is also coming under pressure from weaker metal prices. The operation posted total cash costs of $10.97 per pound during the quarter compared to the current price of about $4.60 per pound. The company said: Cash costs at Avebury may decline when it reaches full capacity in the next three to six [...]
Share price of First Nickel Inc. fell more than a third on Monday after the company suspended production and initiating a care and maintenance program at its Lockerby mine. William Anderson, president and CEO of First Nickel. said: Regrettably, the prevailing nickel prices are below Lockerby’s cash costs per pound of payable nickel even though the [...]
Price of the metal bounced $US20 a tonne to close at $US10,800/t, which is less than a third of the price the metal was fetching last year. Fat Prophets analyst Gavin Wendt said: The falling nickel price would also hit high-cost producers, particularly those working or developing the complex laterite ores. Australian nickel industry was more vulnerable [...]
Deutsche Bank said that the gold to nickel price ratio, a key indicator of economic performance, could fall into single digits if the recession is as deep as that of the early 1980s. For full story, click here
Independent Nickel Corp. said that Victory Nickel has paid for an additional 4,088,815 outstanding common shares of Independent Nickel. For full story, click here
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