MANILA, July 2 (Reuters) - The Philippines' Semirara Mining Corp (SCC.PS) said on Thursday its 50-percent-held unit has suspended operations at a nickel project north of the capital due to low prices of the metal.
The nickel mine in Sta. Cruz town in Zambales province began commercial operations last year and is expected to produce 1 million tonnes of direct shipping ore annually, according to the Mines and Geosciences Bureau.
"The depressed nickel market situation ... still persists and our hope of resurgence, even if only slightly, seems far from occurring," DMCI Mining Corp said in a letter to its partner which parent Semirara submitted to the stock exchange.
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