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[Ferro-Alloys.com] 

Australian tycoon Forrest shuts nickel mines after prices crash

Wyloo Metals Pty Ltd., the private nickel producer owned by billionaire Andrew Forrest, is shutting down its Western Australian mines due to a sharp slump in prices for the key transition metal.

The mines near Kambalda will go into care and maintenance from May 31, the company said in a statement on Monday. Despite the shutdown of the mines, it’s studying developing its own nickel concentrator in the Kambalda region, Wyloo said in the statement.

Prices for nickel — used to make stainless steel and EV batteries — have slumped in the past year, mainly driven by a flood of cheap supply from Indonesia that’s threatening to disrupt the industry. 

• [Editor:邢亞敏]