Ravensthorpe mine sale fails to attract bidders – by Bridget Carter and Gretchen Friemann (The Australian – March 1, 2016)


There are fresh concerns about the future of the Ravensthorpe nickel mine in Western Australia’s southwest, with a sales process said to have failed to attract a single bid.

The apparent lack of interest in the mine has prompted talk that its owner, Canadian-listed First Quantum Resources, may look to shut down the operation. Ravensthorpe has a short but turbulent history.

It suffered a number of cost blowouts and delays when being built by BHP Billiton, eventually opening in 2008 after costing $US2.2 billion to build.

The mining giant shut the mine less than a year later because of a low nickel price, costing 1800 jobs.

BHP eventually putting a line through its involvement with the embarrassing venture when it sold it to First Quantum in late 2009 for $US340m, and it reopened in December 2011 after a series of modifications.

For the rest of this article, click here: http://www.theaustralian.com.au/business/dataroom/ravensthorpe-mine-sale-fails-to-attract-bidders/news-story/e66e9f3e40627a59dbb27f0d17ec5028

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