Belvedere Resources (TSX: V.BEL, Stock Forum) Thursday announced that, in response to continuing low nickel prices, it is suspending mining operations at the Hitura Nickel Mine in Finland, this according to a company news release.
The company has now initiated a two-week notice period for the beginning of temporary lay-offs of up to 60 of the 69 persons employed at the mine. The layoff period will continue for up to 90 days per employee.
"The continuing weakness in the nickel prices, in conjunction with permitting delays, has left the company with little option but to suspend nickel operations and commence temporary lay-offs. During the lay-off period the company will continue to concentrate on the metallurgical, environmental and engineering studies involved with assessing the viability of processing the nearby Kopsa gold copper ores through the Hitura mill," said Belvedere Resources CEO David Pym.