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Zimbabwe’s only operating nickel mine was on Thursday placed under administration, according to a government notice, seven months after halting production due to equipment failure and low prices.
Nickel prices have fallen from record levels above $100,000 in 2022 when they were driven by expectations of reduced supplies from major producer Russia following its invasion of Ukraine, to around $19,000 per ton in the currently oversupplied market. Prices are currently 25% down on their levels a year ago.
This was after the mine suspended operations last September following the damage suffered by its ore hoisting equipment during a seismic event. The mine has capacity to produce 5,500 metric tons of nickel concentrate annually.
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