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Glencore sells Dominican Republic nickel mine to American Nickel

Last Thursday, August 13th, Nickel miner, Falconbridge Dominicana (Falcondo), announced that American Nickel Limited (ANL) acquired 100% of its shares from Glencore Canada Corporation, becoming the Dominican company’s majority stakeholder.

“With the transaction, the property and rights of the other shareholders of Falconbridge are preserved unchanged, including the Dominican Government, who will continue to receive over 50% of the profits”, the company said in a statement.

Falcondo said the acquisition of the shares is a sign of the confidence that foreign investors continue to have in the business potential of the mining and metallurgical sector; and the country’s business environment, which will also result in greater development for the provinces where the company operates.

“ANL is focused on reviving Falcondo’s production in the coming months, creating more jobs, and thus contributing to national economic growth, meeting the highest environmental and safety standards applicable to heavy industry, and according to best international practices”, the mining company said.

Source: DT

August 14, 2015

Category: DR News |

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