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Nickel Properties
The nickel properties include the Hitura Nickel Mine, which restarted production ahead of schedule in July 2010 and a number of exploration claims in the area.
History
In 2007, Belvedere made the critical transition from an exploration company to a production and development company, through the acquisition of the producing Hitura Nickel Mine and Finn Nickel, a company with several advanced nickel, copper and cobalt projects in southern Finland.
In October 2007, the company also acquired the Luikonlahti mill and concentrate facility, which was to form the nucleus of a second production centre in the Kotalahti region of Eastern Finland.
In December 2008, the mines were placed on care and maintenance due to the collapse of the nickel price and the world financial markets
In July 17th 2009, Finn Nickel the nickel production subsidiary was placed into voluntary bankruptcy, due to continuing low nickel prices and an inability to secure further capital.
In January 2010 the Adminstrators sold the Luikolahti mill and southern and eastern Finland nickel properties for €4.71 million.
In February 2010, Belvedere re-purchased the Hitural mill and nickel mine and the Kopsa gold property for €1 and the forgivness of any remaining claims to the estate.