TORONTO - SHERRITT INTERNATIONAL and DYNATEC CORP. have closed the deal by which Sherritt has acquired all outstanding Dynatec common shares. Dynatec shareholders have received 0.19 of a Sherritt share and 0.0635 of a share of FNX MINING for each of their Dynatec common shares.
Sherritt now owns a 45% interest in, and will operate, the Ambatovy nickel project in Madagascar. When fully operational, Ambatovy will produce 60,000 tonnes of nickel and 5,600 t of cobalt per year with an estimated reserve life of 27 years. The project is scheduled to be commissioned in 2010 and is expected to run at full capacity by 2012.
Information about the Ambatovy project is posted at www.Dynatec.ca.