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Mining Weekly reported that Mirabela Nickel Ltd. (ASX:MBN) has cut almost 34 percent of its staff due to the low nickel price.
Mining Weekly reported that Mirabela Nickel Ltd. (ASX:MBN) has cut almost 34 percent of its staff due to the low nickel price.
As quoted in the market news:
The company dismissed some 220 employees and a further 180 contractors at its Santa Rita mine, in Brazil, as part of a decision to decrease production from the mine to reduce operating costs.
The lower production model was implemented in late October and would see a 33% reduction in yearly nickel concentrate output at Santa Rita, which Mirabela was hoping would allow the operation to reach a break-even cash position over the next 15 months.
Yearly production would reduce from 18 000 t to 12 000 t.