Nickel Mines (ASX:NIC) share price plunges 12% on quarterly report

The Nickel Mines Ltd (ASX: NIC) share price was burrowing deep underground today. By the market’s close, shares in the nickel producer were trading at $1.13 – down 12.06%. By comparison, the S&P/ASX 200 Index (ASX: XJO) ended the day 0.17% lower.

Today’s steep price movement came after the company released its activities report for the third quarter (Q3) of FY21.

Let’s take a closer look at today’s report.

Nickel Mines share price sinks

In a statement to the ASX, Nickel Mines reported disappointing results for the last quarter, with massive declines across the board.

Nickel sales fell 10.0% from the prior corresponding period (pcp) to 10,257 tonnes. Production of the 28^th element at the company’s Ranger Nickel Rotary…