Xstrata Closes Cosmos Nickel Mine, Cuts 150 Employees

Xstrata plc (LSE:XTA) announced that operations will be suspended at Xstrata Nickel Australasia’s Cosmos nickel mine, located in Western Australia, in part due to low nickel prices. 150 employees will lose their jobs.

As quoted in the press release:

Evaluation of the newly-discovered Odysseus, Odysseus North and Odysseus Massive deposits at Cosmos continues, with a view to completing a feasibility study by the first quarter of 2014 to enable an investment decision, dependent upon market conditions. The Sinclair Nickel Operation, approximately 100 kilometres south of Cosmos, is unaffected and continues to operate at normal capacity. Sinclair is expected to produce approximately 7,000 tonnes of nickel in concentrate this year.

Click here to read the full Xstrata plc (LSE:XTA) press release.