TORONTO - FNX MINING has exercised its right to purchase from SHERRITT INTERNATIONAL the DYNATEC mining services division for C$53 million. The business includes the Canadian Mining Services Division and Dynatec Mining Corp. in the United States.
FNX president and CEO John Lill said, "This acquisition also provides FNX with a pool of highly skilled and experienced supervisory, mining and technical employees to support FNX's ambitious growth plans at our Sudbury operations and also adds the capability to become joint-venture partners or mining operators in select mining development projects."
The acquisition is expected to close in late October, following satisfaction of customary closing conditions. Sherritt originally acquired Dynatec's mining services business in connection with its acquisition of Dynatec Corp., completed on June 14, 2007. Notably, Sherritt gained control of the Ambatovy nickel project in Madagascar.
Learn more about FNX's success in the Sudbury Basin of Ontario by visiting www.FNXmining.com.