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The company is exploring for nickel deposits on its Langmuir property near Timmins, Ontario; for nickel-gold-copper on its Cleaver and Douglas properties; and for molybdenum and rare earth elements at recently acquired Desrosiers property.

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Back to business

posted on Aug 11, 2008 07:14AM

Nickel



News & Trends
Nickel gains in LME as Industrial Metallurgical considers output cut - 11 Aug, 2008
Bloomberg reported that nickel rose the most in almost a month in London after Industrial Metallurgical Holding said it may cut production because of this year's price slump. Aluminum and copper also advanced.

Industrial Metallurgical shut its two nickel plants for 10 days at the end of July 2008 for maintenance and is considering reducing output. Minara Resources Limited also deferred an AUD 300 million expansion plan.

Nickel for delivery in 3 months gained as much as USD 1,100 a tonne to USD 18,900 a tonne on the London Metal Exchange, the biggest one-day increase since June 12th 2008.

Nickel prices have fallen for a second year as stainless steel mills slowed purchases because of weakening construction in the US and Europe. OAO GMK Norilsk Nickel and Cia Vale do Rio Doce are unlikely to reduce output at current prices.

Copper for delivery in 3 months gained by USD 35 to USD 7,650 a tonne and aluminum rose by USD 11 to USD 2,917. Tin traded at USD 20,475 a tonne. Zinc lost USD 28 to USD 1,737.
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