Toronto, Canada-based Liberty Mines, which is focused on the exploration, development and production of nickel and related base metals from its assets in Ontario, announced on August 14 that it has temporarily suspended production activities due to low nickel prices, which have declined by more than 25 percent in the past six months.
Accordingly, Liberty Mines will move all of its assets into a care and maintenance mode effective immediately. This will enable Liberty to protect its assets and keep them in a ready state so that viable production can easily be restarted when the price of nickel has recovered sufficiently.
Liberty Mines' president and CEO, Chris Stewart, commented, "Our decision to suspend production temporarily is not being taken lightly, but is ultimately in the best long-term interests of our investors and strategic partners. In the interim, we are making every effort to reduce costs and update our go-forward strategy."