Pacific Nickel Mines' Solomon Islands Nickel Operation Hit by Heavy Rainfall; Shares Plunge 20%

MT Newswires Live

Jul 08, 2024

Pacific Nickel Mines' (ASX:PNM) Kolosori nickel operation on the Solomon Islands has been hit by unseasonably heavy rainfall, reduced machine availability and a lack of dump trucks, according to a same-day Australian bourse filing.

Shares of the company plunged 20% in Monday trade amid the disruption.

The issues are being resolved and the company is working with Glencore International AG to address the impact on working capital due to the reduced shipment in July. Pacific Nickel Mines is also working with Glencore to address a nickel ore grade issue, which impacted its third shipment, the filing stated.

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