Nickel miners sacked as WA mine halts operation

News Snapshot:

Panoramic reopened the Savannah mine in the Kimberley region of WA in 2021 but struggled in 2023 when nickel prices halved, an important piece of machinery failed and bad weather severed an important transport route. FTI is trying to sell or recapitalise the failed nickel miner against an increasingly grim outlook for the sector, and with no end in sight to Chinese-backed producers in Indonesia flooding the global nickel market. The benchmark price for nickel measured by the London Metals Exchange has fallen to around $US16,600 a tonne after the metal was fetching just over $US30,000 a tonne in January...