Nickel Mine Restarts Spurred by Price Rally, Indonesian Export Ban

Bloomberg reported today that companies such as Poseidon Nickel Ltd. (ASX:POS) and Avebury Nickel Mines are planning to restart idled nickel operations on stronger prices for the metal this year. Prices have gained up to 56 percent so far in 2014, according to Bloomberg.

As quoted in the publication:

Avebury, based in Perth, plans to reopen a deposit in Tasmania six years after it was mothballed. Poseidon is preparing to resume production at a mine in Western Australia, while Panoramic Resources Ltd. may restart mining at its Copernicus deposit in the same state. More producers globally may reactivate facilities as prices extend gains, according to OAO GMK Norilsk Nickel, the world’s largest supplier.

Metal strategist at BNP Paribas in London, Stephen Briggs, told Bloomberg:

Australia is certainly at the forefront of the potential for restarts.

Click here to read the full Bloomberg article.