Canadian mining company First Quantum Minerals is closing its Ravensthorpe nickel mine in Western Australia, impacting 530 employees.

The closure persists despite financial relief efforts from the WA government and attempts by the company to sustain operations.

Western Australian Premier Roger Cook has pledged assistance for the affected workers, focusing on redeployment and upskilling opportunities.

First Quantum Minerals cites ongoing and anticipated financial losses for the closure, in spite of a recent uptick in nickel prices.

The company evaluated but ultimately bypassed the state government's nickel assistance program, deeming it insufficient to alter their course.

First Quantum Minerals plans to reopen the mine and enhance the facility when nickel market conditions improve, maintaining the site during the interim.

The shutdown is partly attributed to an increase in low-cost nickel from Indonesia, contributing to a downturn in Australia's nickel sector and job market.