First Nickel's Ontario mine delivers first ore
Canada-based First Uranium has restarted production at its Lockerby nickel-copper mine in Ontario and made its first ore delivery to diversified miner Xstrata's nickel business.
Canadian miner First Nickel Inc said it restarted production at its Lockerby nickel-copper mine in Ontario and made its first ore delivery to diversified miner Xstrata Plc's nickel business.
First Nickel, which has a life-of-mine offtake agreement with Xtrata Nickel, expects the mine to produce about 400 tonnes per day in the fourth quarter this year.
First Nickel said it closed out a hedge position of 15 million pounds of nickel, 12 million pounds of copper for about $35 million.
The company expects to use these funds for the completion of the Lockerby project, it said in a statement.
Shares of the Toronto, Ontario-based company closed at 12 Canadian cents on Monday on the Toronto Stock Exchange.