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Mirabela Nickel's Santa Rita mine in Brazil.
The West Australian Mirabela Nickel's Santa Rita mine in Brazil.

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.

Mirabela shares were one cent, or 2.13 per cent, lower at 46 cents at 11.35am.