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Xstrata to shutter Australian nickel mine due to low prices, high A$
SYDNEY (Reuters) - Global miner Xstrata XTA.L said it is suspending operations at its Cosmos nickel mine in Western Australia due to prolonged weak prices for the metal and a strong Australian dollar, cutting around 150 jobs.
Cosmos, which has produced around 4,200 tonnes of nickel in concentrate so far this year, has been hit by persistent strength in the Aussie dollar and nickel prices almost 40 percent lower than their early-2011 peak above $29,000 per tonne.
Xstrata, which is also cutting back coal production in Australia due to weak prices and high costs, said its nearby Sinclair Nickel Operation was unaffected and is expected to produce about 7,000 tonnes of nickel in concentrate this year.
(Reporting by Lincoln Feast)
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