I couldn't find the exact news message I saw posted on Tuesday night, but here is one from the London Stock Exchange saying much the same thing:
"Australian-listed nickel miner Albidon yesterday announced a production cut at its flagship mining operation in Zambia that left it in breach of its debt covenants. With the nickel price plummeting to US$5.12 a pound from US$22 a pound in May 2007, Albidon said it aimed to cut its production costs to US$4 a pound from more than US$7 a pound by the end of the year by focusing on higher-quality ore. The company's lenders said they would assess the production cut before deciding whether to provide a waiver to the debt covenants."
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