TORONTO - First Nickel Inc. (TSX:FNI) said Thursday production from the Lockerby Mine in Sudbury, Ont., is expected to fall short of earlier expectations.
The company said payable nickel production is expected fall short of its full year and fourth quarter guidance by about 10 per cent and 38 per cent, respectively.
"As a result of the shortfall in fourth quarter production, FNI now expects Lockerby to complete the ramp up and achieve full production in the first quarter of 2013, instead of in the fourth quarter of 2012," the company said.
The company attributed the lower than expected production to slower than planned development preparation of two ore sources in November as well as unplanned rehabilitation work at a main ramp intersection in December.
FNI said Thursday nickel production is expected to amount to 1.3 million pounds for the fourth quarter and 5.7 million pounds for the full year.
That compared with fourth-quarter guidance of 2.1 million to 2.5 million pounds and full-year expectations of 6.3 million to 7.4 million pounds.
Copper production is expected to come in at one million pounds for the fourth quarter and 4.5 million pounds for the year.
That compared with earlier guidance for between 1.4 million and 1.6 million pounds in the fourth quarter and between 4.5 million and five million pounds for the year.
In addition to Lockerby, FNI owns exploration properties in the Sudbury Basin, the Timmins region of northern Ontario, and the Belmont region of eastern Ontario.
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