Following the suspension of nickel production from its Levack and McCreedy West mines in late 2008, FNX Mining Company Inc. has cut its expected production total for 2009.
Citing capital market issues and low commodity prices, FNX says it has move its production forecast for the year to 679,000 tons of shipped ore from its Sudbury operations. This includes 372,000 tons from the Podolsky Mine, 280,000 tons from the McCreedy West PM and 700 Deposits, as well as 27,000 from the Levack Rob's deposit.
Capital expenditures for the company in 2009 are expected to reach $64.2 million, which compares to the 2008 capital expenditure budget of $170 million.
This spending will include $38.9 million for the development of the Levack Footwall Deposit to the initial production stage, $11.3 million to complete development of the Podolsky Mine, and $3.8 million of sustainable capital at McCreedy West.
Exploration expenses in 2009 are projected to be $10.2 million, as opposed to $20.7 million in 2008. This work will focus on definition drilling and the expansion of known mineralization at the Levack Footwall Deposit, and on the discovery of new ore deposits.
.jpeg;w=120;h=80;mode=crop)
