| Australia mine shuts as nickel price tumbles | | | | contained about 10,600 tonnes of nickel, based on |
| Australia's Copernicus nickel mine has been shut | | | | Thundelarra's estimates. |
| indefinitely pending an improvement in nickel | | | | "We'd rather preserve the resource and hopefully |
| prices, one of the mine's owners, Thundelarra | | | | in the medium term these nickel prices will |
| Exploration Ltd, said on Tuesday. | | | | improve," Demarte said. |
| The open pit mine, containing an estimated 4,400 | | | | Declining demand for imported minerals in China |
| tonnes of nickel, chiefly used in stainless steel | | | | (cnmining) and other industrial growth regions has |
| making, was developed last year when nickel sold | | | | left miners across the outback pondering the |
| for more than $20 per pound, the company said. | | | | future of operations. |
| Nickel currently fetches about $4.80 per pound. | | | | Some mines have already been mothballed and |
| To date, only a minimal amount of nickel-bearing | | | | others are under constant scrutiny by owners |
| topsoil had been removed from the mine in west | | | | facing costs exceeding metals prices. |
| Australia's Kimberley region as the main open pit | | | | Straits Resources earlier on Tuesday said its |
| area was being readied for mining, according to | | | | Australian copper mine was barely operating |
| Thundelarra's chief financial officer, Frank | | | | above the price of copper, sparking a review of |
| Demarte. | | | | the mine's future. |
| Thundelarra owns 40 percent of the mine, with | | | | Oz Minerals Ltd also is reviewing operations across |
| fellow Australian Panoramic Resources Ltd holding | | | | Australia, as is copper and zinc miner Kagara Ltd |
| 60 percent. | | | | Australia & New Zealand Bank chief |
| Another mine in the Kimberley region, the Teck | | | | commodities strategist Mark Pervan forecasts |
| Cominco-owned Lennard shelf zinc mine, was idled | | | | nickel will average $4.82 per pound next year, |
| last August because of low metals prices. | | | | improving marginally to A$5.65 in 2010. |
| Demarte said plans to mine the open pit for about | | | | Panoramic fell 7.3 percent to A$0.89, nearly |
| six months before entering into an underground | | | | double the decline in the S&P/ASX200 index. |
| extension, also containing nickel, were now on | | | | Thundelarra was untraded on Tuesday, last closing |
| hold. | | | | at A$0.17 on Friday. |
| Together, the open pit and underground deposits | | | | |