July 5, 2012 / 10:05 PM / in 5 years

UPDATE 1-CaNickel suspends work at Manitoba mine; CEO resigns

July 5 (Reuters) - CaNickel Mining Ltd will continue to suspend operations at its Bucko Lake Nickel mine in Manitoba due to low prices, and the company said its chief executive has resigned.

Dianmin Chen will resign on July 17 due to personal reasons. He will be replaced by Chairman Wenfeng Liu on an interim basis.

Manitoba regulators in May asked the company to stop work at the Bucko Lake mine until an independent engineer reviewed the current mining plan and audited mining operations over the past 12 months.

The stop-work order has now been lifted, CaNickel said on Thursday. However, with nickel prices down 9 percent this year, the company is not resuming operations at the mine.

CaNickel shares closed at 10 Canadian cents on Thursday on the Toronto Stock Exchange.

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