September 06, 2008

CVRD cuts 2007 nickel production forecast

Metals Insider reported that Brazilian giant CVRD is cutting its 2007 nickel production forecast by 24,000 tonnes to 246,000 tonnes of finished nickel. Factoring in production of nickel from third party tolling arrangements, total supply from the company this year will be 260,000 tonnes.

The report added that the downgrade follows a disappointing Q3 production report. Although group finished nickel production of 55,100 tonnes was up by 10.1% on the year earlier level of 50,000 tonnes, it was well off the pace of the prior quarter’s 62,500 tonnes.