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CaNickel Mining to temporarily shut down operations at its Bucko Lake nickel mine
CaNickel Mining Ltd. has decided to temporarily shut down operations at its Bucko Lake nickel mine near Wabowden, Man. and put it on care and maintenance.
The struggling northern Manitoba mine — the province’s newest mine — received a stop work order from Manitoba’s Workplace Safety and Health Division to cease blasting operations in May.
That order has been lifted, but due to falling nickel prices the company will temporarily stop production and continue working on optimizing its mining plan to achieve sustainable and profitable operations.
Nickel is trading around $7.40 per pound today down from around $10.00 in February.
The Vancouver-based company also announced that its CEO Dianmin Chen will resign effective July 17, 2012 due to personal reason and Wenfeng Liu, the chairman of the board, will assume the role of interim CEO after Chen’s departure while the new CEO is being recruited.
CaNickel shares are trading for one penny.
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