Canada’s CaNickel to reduce production at Bucko Lake nickel mine

Tuesday, 03 January 2012 11:08:50 (GMT+3)   -  
SteelOrbis News

Vancouver, Canada-based mining company CaNickel Mining Ltd. (CaNickel) has announced that it will reduce nickel production at its Bucko Lake mine near Wabowden, due to the current unfavorable nickel prices, aiming to cut operation costs and save capital to complete the construction of its paste backfill plant and expansion of  its tailings facility.
The reduction in operations will cut ore production from current 600-700 mt per day to 400-500 mt per day. The company has not disclosed how long the production cut will last.

CaNickel also stated that it has entered into an agreement with Hong Kong-based Luckyup Investment Limited to increase its one-year term debt facility from US$15 million to US$25 million.

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