Economy August 13, 2015 | 4:22 pm

Glencore sells Dominican Republic nickel mine to American Nickel

Santo Domingo.- Nickel miner Falconbridge Dominicana (Falcondo) on Thur.announced that American Nickel Limited (ANL) acquired 100% of its shares fromGlencore Canada Corporation, becoming the Dominican company´s majoritystakeholder.

"With thetransaction, the property and rights of the other shareholders of Falconbridgeare preserved unchanged, including the Dominican Government, who will continueto receive over 50% of the profits," the company said in a statement .

Falcondo said theacquisition of the shares is a sign of the confidence that foreign investorscontinue to have in the business potential of the mining and metallurgicalsector; and the country´s business environment, which will also result ingreater development for the provinces where the company operates.

"ANL is focusedon reviving Falcondo´s production in the coming months, creating more jobs, andthus contribute to national economic growth, meeting the highest environmentaland safety standards applicable to heavy industry, and according to best internationalpractices, " the mining company said.

“American NickelLimited´s vision for Falcondo is to achieve long term financial sustainabilitythrough the consistent production of ferronickel and implementation of modernmining and metallurgical techniques to ensure social investment approach thathas always prevailed in Falcondo, therefore it remains committed to continuethe social responsibility and sustainable development programs for the benefitof the communities where it operates, " the miner said.

The mining company saidin the future, an experienced international technical team led by metallurgicalengineer Ioannis Moutafis, who will serve as chairman and CEO, will contributeto the existing expertise in the management team of Falcondo to achieve newmilestones in the history of the company. “Mr. Moutafis, of Greek origin, hasover 15 years of international experience in ferronickel operations.”

Falcondo adds thatANL and Glencore Canada Corporation acknowledges the participation andcommitment of all employees, associates and the extended Falcondo family to endeavordaily to carry out projects and business challenges, while inviting them toaccompany the company “in this new stage in the history of the company, to contributeto the development of the mining sector, with the support of the Dominicansociety.”