Weak Prices, Delays Force Suspension at Belvedere’s Hikura Nickel Mine

Belvedere Resources Ltd. (TSXV:BEL) announced that it will be suspending operations at its Finland-based Hitura nickel mine on the back of weak nickel prices and delays in permitting.

As quoted in the press release:

…the Company has now initiated a 2 week notice period for the commencement of temporary lay-offs of up to 60 of the 69 persons employed at the Mine. The layoff period will continue for up to 90 days per employee. Key staff will continue to be employed to manage the care and maintenance of the mine and mill facilities during the suspension.

David Pym, CEO of Belvedere, commented:

The continuing weakness in the nickel prices, in conjunction with permitting delays, has left the company with little option but to suspend nickel operations and commence temporary lay-offs. During the lay-off period the company will continue to concentrate on the metallurgical, environmental and engineering studies involved with assessing the viability of processing the nearby Kopsa gold copper ores through the Hitura mill.

Click here to read the full Belvedere Resources Ltd. (TSXV:BEL) press release.