Norilsk Nickel launches Australian nickel asset Lake Johnston
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Russia's largest diversified mining and metals company Norilsk Nickel has announced the launch of its Australian asset Lake Johnston, which mines sulphide ore and produces nickel concentrate.
"Due to the unfavorable economic environment and worsening nickel market conditions in 2009, Norilsk Nickel's Australian assets were placed on care and maintenance indefinitely, but based on the result of an internal audit conducted in 2010, it was decided to re-launch production," reads the company's statement.
Currently, Lake Johnston is carrying out restoration works. Production is scheduled to be started in H1 2011.
Lake Johnston has geological reserves of 146,000 mt of nickel and mineable reserves of 38,000 mt. Close to one million mt of ore can be mined annually, which transfers into 9,500 mt of metal. Norilsk Nickel said also it plans to increase existing reserves with its intense exploration program.