TORONTO - First Nickel Inc. (TSX:FNI) announced Sunday that it is suspending production and initiating a care and maintenance program at its wholly owned Lockerby mine due to low metal prices and the "challenging financial environment."
The decision follows an extensive evaluation of mining scenarios and likely near-term metal price projections that rule out the continuation of operations at the mine near Sudbury, Ont., the company said in a release.
The Lockerby Mine will be kept in ready condition through the care and maintenance program that will enable a return to production when economic conditions improve and while First Nickel evaluates its options.
ALB Price at posting:
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