FNX cuts output further, prepares for two-year slump
Dec 10, 2008 | 12:53 PM
| Mick Bowen
Canada's FNX Mining Co. Inc. has no plans to resume commercial production at the Levack Mine and also announced it had stopped nickel ore production indefinitely at the McCreedy West Mine in the Sudbury Basin in Ontario.
"We're going to hunker down, preserve cash and get through this," chairman and chief executive officer Terrance MacGibbon told AMM. "We're preparing for a two-year war."
FNX laid off 307 employees due to the production cuts, including 59 staff and 248 hourly workers, but MacGibbon said the company would consider ramping up production again if nickel prices returned to $6 a pound. Three-month nickel ended Wednesday on the London Metal Exchange at $9,470/$9,475 a tonne, or approximately $4.23 a pound.....
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