RHJ/iStock via Getty Images
CV (NYSE: CV) cut about 100 workers on construction of the West Musgrave nickel and copper project in Western Australia, Australian Financial Review a major mining company’s latest move to cut costs amid weakness reported on Sunday advantageous prices.
The A$1.7 billion project’s workforce has been reduced from about 400 to 300, but the reduction of some workers has not meant the entire project, acquired by OZ Minerals last year, has been cancelled, according to the report. AFR relationship.
BHP (BHP) has already said it would take a A$2.5 billion writedown related to its troubled nickel business in Western Australia.
The miner believes 30% of Australia’s nickel mines have been closed and another 30% also under pressure due to low prices, outgoing finance director David Lamont told shareholders.
The price of nickel has fallen 40% on the London Metals Exchange since the start of 2023.