London 19/01/2016 - Votorantim will suspend nickel operations at its Niquelândia and São Miguel Paulis units, it said in a release on Tuesday, amid low prices for the metal.
The Brazilian nickel, zinc and aluminium producer operates three nickel units. The mine in Niquelândia, one of the biggest nickel reservations in Brazil, supplies the necessary raw material for at least 20 more years of production, according to the company's website. Votorantim produces 44,000 tonnes per year of nickel, it added.
In the first nine months of 2015, net revenue's at the company's nickel segment were $870 million reales ($214.4 million) and EBITDA was $19 million reales, which represented less than one percent of Votorantim Industrial's consolidated EBITDA in the period, it said in the release.
LME nickel climbed to its strongest since January 4 this morning - it traded as high as $8,750 per tonne, up $160 on Monday's close - but it fell to fresh 2003 lows last week around $8,100
(Editing by Mark Shaw)