Canadian miner's first quantum 2017 nickel production down 24%

First Quantum Minerals said in a preliminary report on January 29 that its nickel production last year dropped 24% to 17,837 tons from 2016 levels. The Canadian miner suspended the operation of its Ravensthorpe nickel mine in Western Australia in September last year as nickel prices declined. Although the current price of nickel is about 14,000 U.S. dollars per tonne, it is still far below the high of 51,000 U.S. dollars hit in 2007. The global supply of nickel hit a shortfall of 77,400 tons from January to November last year. The global annual nickel production is about 2.2 million tons.