First Quantum Minerals, a Canadian-based mining and metals company, decided to stop operations at the Ravensthorpe nickel mine in Western Australia for two years in order to reduce costs and ease the operating pressure caused by the changed market conditions. The decision will result in a 30% layoff, impacting around 125 employees.

The company said that the nickel stocks from the mine could be available for 18 to 24 months, and the operation at the Hale Bopp and Halley’s ore bodies at the mine would be resumed after the price recovers, according to the company’s three-year plan.

First Quantum expected that the Ravensthorpe mine would produce around 16,000 contained tons of nickel year in the next three years.