Vancouver's Belvedere Resources Ltd. (TSX-V:BEL), which owns nickel and gold projects in Finland, is shutting down production at its two operating nickel mines until further notice.
The shutdowns are aimed at reducing costs to preserve the company's remaining cash as it deals with low nickel prices.
According to the company's third-quarter financial statements, Belvedere has less than $38,000 in cash. Belvedere also reported a third-quarter net loss of $34,661.
Belvedere's share price range during the past week: between $0.07 and $0.10; 52-week high: $1.90; 52-week low: $0.04.