Billionaire Andrew Forrest is shutting the West Australian nickel mines his private company, Wyloo, bought for $760 million six months ago, bowing to the supply glut that has crashed nickel prices and triggered the loss of around 1000 jobs across WA.
The mines near Kambalda will go into care and maintenance from May 31 amid a steep decline in nickel prices that Australia’s producers have blamed on a glut from China-backed operations in Indonesia.
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Brad Thompson writes across business and politics from Western Australia for The Australian Financial Review. Brad is based in our Perth bureau. Connect with Brad on Twitter. Email Brad at brad.thompson@afr.com
