• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • NORTH AMERICA EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • NORTH AMERICA EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Base Metals Market
    Base Metals News
    Base Metals Stocks
    • Base Metals Market
    • Base Metals News
    • Base Metals Stocks

    First Nickel Discontinues Ramp Development at Lockerby Mine

    Charlotte McLeod
    Jun. 08, 2015 04:51PM PST
    Base Metals Investing

    First Nickel Inc. (TSX:FNI) announced that it’s discontinued underground ramp development at its Ontario-based Lockerby nickel-copper mine. The move was driven by “continued weakness in nickel prices.”

    First Nickel Inc. (TSX:FNI) announced that it’s discontinued underground ramp development at its Ontario-based Lockerby nickel-copper mine. The move was driven by “continued weakness in nickel prices.”

    As quoted in the press release:

    As disclosed in the Company’s filings for the first quarter of 2015, considering low nickel prices and production levels of the Lockerby mine, the Company has evaluated a range of options from continuing the current operating plan at Lockerby to discontinuing ramp development and mining only the ore remaining on and above the 6800-foot level. Primarily as a result of continued weakness in nickel prices, the Company has decided to discontinue ramp development at this time. The remaining economic ore on and above the 6800-foot level is expected to be mined out in the third quarter of 2015, at which time the mine will either be put on care and maintenance or closed. The accounting implications of this change will be reflected in the Company’s interim financial statements for the second quarter of 2015, which will be filed in early August.

    Thomas M. Boehlert, president and CEO of First Nickel, commented:

    Our employees at Lockerby have worked long and hard to make the mine a success. However, the operation is simply not economic at the current market price of nickel. We will now shift our focus to maximizing production of the remaining ore and then transitioning to care and maintenance or closure. The company is currently in discussion with its secured lenders regarding alternatives with respect to its outstanding indebtedness in light of the expected timing of cessation of mining at Lockerby.

    Click here to read the full First Nickel Inc. (TSX:FNI) press release.

    FNI is a Canadian mining and exploration company. FNI’s mission is to be the most dynamic North American emerging base metal mining company in which to work and invest and to be respected in the communities in which it operates. FNI owns and operates the Lockerby Mine in the Sudbury Basin in northern Ontario, which reached full production during 2013. FNI’s shares are traded on the TSX under the symbol FNI.

    first nickeltsx:fnibase metal miningcanadian mining
    The Conversation (0)

    Go Deeper

    AI Powered
    Canadian flag draped over "Ni" symbol and stock chart.

    Top 5 Canadian Nickel Stocks of 2025

    Small pieces of nickel-chromium metal alloy.

    ASX Nickel Stocks: 5 Biggest Nickel-mining Companies

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×