Belvedere extends temporary dismissal notices at Hitura Mineadmin
Belvedere Resources Ltd. BEL:TSX-V announces that further to its announcement on 15th October, it will be extending temporary dismissal notices to a further 65 employees at its Hitura Nickel Mine. The notices allow the company to commence temporary dismissals from early December. At any time within 90 days of the notification, the company has the option to request workers to return to work. Contractors will adjust their workforce according to the production situation. For the time being, ore production continues at Hitura at normal rates, but development work has been halted from November 2nd.
Management has taken this action as a result of the continued weakness in the nickel price. This gives the company the option to put Hitura on care and maintenance should the nickel price not improve in the short term. If a recovery in nickel price occurs, management can immediately request any dismissed workers to return to work, with no significant implication for the sustainability of the Hitura Mine.
Belvedere Resources Ltd. is a publicly-listed resource company engaged in the business of nickel production and exploring, discovering and developing mineral wealth in Finland. Belvedere currently produces 2,500 tonnes annually of nickel metal in concentrate from its 100% owned Hitura Nickel Mine in Western Finland.