SMM5, March 15-British market research company Roskill says first Quantum (First Quantum Minerals) is studying whether to restart its idle Ravensthorpe nickel-cobalt project in Australia, according to the Mining website. The cost of the restart is estimated at $10 million.
The suspension of production was due to the fact that nickel prices were low in the third quarter of 2017, at 10,524 / tonne, so the mine stopped production in October 2017. In 2017, revenue from the Ravensthorpe nickel mine was $146 million and that from the cobalt mine was $17 million.
But now the price of nickel has rebounded. In the first quarter of 2019, the price of nickel in LME was 12366 / tonne, 17 per cent higher than when Ravensthorpe stopped production. So first Quantum said the project could resume operations as early as the first quarter of 2020 if market conditions continue to improve.
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