Mirabela Cuts Workforce

Jul. 24, 2012 05:03PM PST

SMH reported Mirabela Nickel (TSX:MNB,ASX:MBN) has cut back its workforce in a bid to stem losses as nickel prices continue to languish.

As quoted in the market news:

After losing $US60 million in the first quarter, the Brazil-focused nickel miner said it had turned around its operating costs. The chief executive, Ian Purdy, said although Mirabela’s operational costs were now breaking even, the company was losing money because of financing costs.

Click here to read the full SMH report.