GREY:FNKLF - Post by User
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mcuglyon Jul 27, 2009 4:36pm
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Excerpt from The Sudbury Star July 27/09
Excerpt from The Sudbury Star July 27/09nother nickel miner, First Nickel, which owns the Lockerby Mine in Sudbury, is looking to finance redevelopment work at the mine before production resumes there. Production at the mine was halted last October.
President and chief executive officer William Anderson said Thursday $37 million Cdn will have to be raised and extensive work completed before mining can resume.
"We need to extend the ramp and the infrastructure in the mine to allow us multiple access to the commodity," he said. "We're looking at a 10-12 month timeframe. It depends on how fast you can advance."Anderson said the mine was closed last October because it wasn't profitable to produce nickel when it was worth $5 a pound US.
Ore from Lockerby Mine is processed at the Xstrata Nickel smelter.
How are they planning to come up with the $37 million?