Poseidon Nickel to cut jobs: report

Forrest's attempt to revive Windarra project crippled by weakening nickel price.

More than 40 contractor layoffs represent an ominous sign for Poseidon Nickel Ltd chairman Andrew Forrest's efforts to revive the Windarra project amid weakening nickel prices, according to The Australian.

Poseidon has suspended drilling at the Windarra site this week in the wake of a failed bid by Mr Forrest, who owns a 32% stake in Poseidon, and chief executive David Singleton to secure about $200 million in debt financing in New York last month.

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