The stockpiles are estimated to last between 18 months and two years, after which mining will resume at the Hale Bopp and Halleys ore bodies at Ravensthorpe, the company said in a statement.
The move came after the mine lost $66 million in the nine months to September 30 and as nickel prices have continued to decline.
The Ravensthorpe mine has always been viewed as relatively high cost operation, and was previously suspended in 2017-19.
Last year, it produced about 30,000 tonnes of nickel in mixed hydroxide precipitate, and close to 1,000 tonnes of cobalt.
BMO analysts said the decision made sense in the current environment as there is an oversupply of both metals and further supply cuts are necessary to balance markets this year.
The announcement follows the closure of Panoramic Resources’ (ASX: PAN) Savannah nickel mine in the Kimberley region of Western Australia. The decision, announced last week, will eliminate 140…
