Works to cost $171m
The Age
Friday February 12, 2010
FIRST Quantum Minerals hopes to get Western Australia's troubled Ravensthorpe nickel mine operating within 18 months.The Canadian copper miner took control of the mine on Wednesday after receiving government approvals.In the next year it will modify the plant and spend about six months to commission and improve the mine. It expects the works to cost about $171.47 million.Ravensthorpe was controversially closed by BHP Billiton in January last year amid difficulties in exploiting the nickel laterite deposits and plunging nickel prices.The mine cost about $2.4 billion for BHP to build and when it closed 1800 people lost their jobs.The mine is about 550 kilometres south-east of Perth. First Quantum expects it will produce 39,000 tonnes of nickel annually for the first five years and 28,000 tonnes annually after that.The mine's life expectancy is 32 years.
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