MADAGASCAR - DYNATEC of Richmond Hill, Ont., has offered to acquire the balance of the Ambatovy nickel project held by subsidiaries of PHELPS DODGE. Dynatec is issuing 20.9 million shares of the company to Phelps Dodge in return for Phelps Dodge's 47% interest in the project.
The Ambatovy nickel laterite project has 190 million tonnes of mineralized material grading 1.1% Ni and 0.10% Co. An open pit mine and mineral processing plant could produce 60,000 tonnes of nickel and 5,000 tonnes of cobalt annually for more than 20 years. Testing indicates that the ore will be easily treated and the project will be a low-cost producer.
Dynatec is having ongoing discussions with other nickel producers and consumers with respect to their participation in the Ambatovy project. A feasibility study is undergoing final revisions and results of the study will be disclosed during the current quarter.
Learn more about Dynatec and follow new developments at Ambatovy on www.Dynatec.ca.