I bet it's not first of the like if these Ni. prices become the norm.

http://www.thewest.com.au/default.as...

Fox hit by falling nickel price

7th July 2008, 9:45 WST

The company said it would complete underground mining and milling operations at the Radio Hill nickel and copper mine by the end of this month and defer the start of the Sholl B2 nickel project until 2009 after drop in the nickel price.

The nickel price has declined from its record high of $US51,800 per tonne in May 2007 amid a surplus in supply for the steelmaking ingredient.

Fox shares dropped seven cents, or 8.75 per cent, to 73 cents at 9.33am.

The company said it would turn its attention to exploration for iron ore, nickel and copper in the Pilbara region of WA, and work on improving the efficiency of the Radio Hill mine.

The move has been backed by the company's largest shareholder Jinchuan Group, China's largest nickel producer.

“We believe this decision will be in the best interest of shareholders and Jinchuan looks forward to supporting Fox throughout this exciting phase of growth,” Jinchuan's non-executive director on the Fox board, Tian Yulong, said in a statement.

Jinchuan holds about 10.92 per cent of Fox.

Sholl B2 was described by Fox in January as a “key deposit” in the company’s “developing nickel business” and was expected to come into production in the second half of calendar 2008.

AAP