Albidon Limited, a BVI-incorporated company, which is 50 percent owned by Chinese Jinchuan Group, listed on Australian Stock Exchange and engaged in nickel exploration and development, made an announcement that it has temporarily suspended operations at its Munali nickel mine in Zambia.
The BVI company has stated that, with the decline of global nickel prices by approximately 23% over the past months, it has experienced serious cash flow difficulties. In a statement posted on the company website it is stated that “There can be no guarantee that alternative finance will be obtained in the near future and therefore (Albidon) believes in suspending operations for the company.”
In July 2011, Albidon projected 2011 output of nickel in concentrate to reach 56,000 tonnes but since that time due to operational problems it had revised the figure.