Mirabela Nickel says it expects to take a $US380 million non-cash hit on its Santa Rita nickel mine in Brazil.

The big impairment charge is based a significant decline in the market value of nickel projects worldwide, declining nickel prices and a reduction in market capitalisation.

Mirabela said the writedown of Santa Rita was subject to board approval and external audit and the estimate provided might vary.

Related links:

Mirabela Nickel