Mining giants feel the pinch

Nickel Investing News reports nickel prices have been hit pretty hard trading at $10,000 per tonne as compared to $33,000 in February on the London Metal Exchange.

When it comes to mining, Australia is taking the brunt of the hit. The large amounts of miners in the area are struggling to cope with the metal’s recent lows. Mines that have announced cutbacks include the Teck Cominco -owned Lennard shelf zinc mine, was idled last August because of low metals prices. Straits Resources announced this Tuesday that its Australian copper mine was barely operating above the price of copper, sparking a review of the mine’s future. Oz Minerals Ltd also is reviewing operations across Australia, as is copper and zinc miner Kagara Ltd.

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