Red Flat Nickel Can’t Use Water for Oregon Drilling, Not Giving up on Mine Project

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Red Flat Nickel Corp. was denied an application to use water for drilling in Northwest California and Southwest Oregon, but they are pushing ahead with mining plans for a nickel find there.

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The Oregon Water Resources Department refused to allow the miner to use water for drilling on a major tributary of the Smith River on grounds that it “will impair or be detrimental to the public interest.”

The London-based mining company can appeal the decision and still has mining claims over thousands of acres of forest lands, including Baldface Creek, in Curry County, Ore.

The company has applied to the US Forest Service to begin exploratory drilling and could find other sources of water for test drilling, including hauling the water in trucks.

With a decline of 7.2% to INR 987.40 ($16.11) per kilogram on Thursday, October 16, the Indian nickel cash price recorded the biggest decline of the day. On the LME, the nickel 3-month price fell 0.4% to $16,210 per metric ton. The spot price of nickel weakened by 0.3% on the LME, settling at $16,130 per metric ton.

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Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome held steady at CNY 8,300 ($1,351) per metric ton. The price of Chinese ferro-moly remained essentially flat at CNY 145,000 ($23,609) per metric ton.

The Allegheny Ludlum 316 stainless surcharge continues hovering around $1.25 per pound for the fifth day in a row. For the fifth consecutive day, the price of Chinese 316 stainless coil held flat at CNY 26,000 ($4,233) per metric ton. The price of Chinese 304 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,670) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,621) per metric ton. The price of Chinese 304 stainless steel scrap saw little movement at CNY 16,400 ($2,670) per metric ton.

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