Toronto-Sherritt International Corp. and Dynatec Corp. have announced plans for Sherritt to acquire all of the issued and outstanding common shares of Dynatec for a total value of C$1.6 billion. “This is an important step in the growth strategy of our Metals division, enabling us to become a premier, globally-diversified lateritic nickel producer based in Canada,” said Jowdat Waheed, Sherritt president and CEO. “The Ambatovy nickel project enhances our already strong Metals operating platform, from which we will be able to meet demand in a growing market.” Ambatovy’s estimated reserve life of 27 years, combined with Sherritt’s existing Metals operations, with reserves of approximately 25 years, positions Sherritt with leading long-life nickel assets. Long-term gross annual production from the combined company’s operating mines is expected to be 109,000 mt of nickel and 10,600 mt of cobalt (net interest to Sherritt of approximately 49,000 and 4,740 mt of nickel and cobalt, respectively). In addition to the Ambatovy, Dynatec holds a 24.5 percent stake in FNX Mining Co., and wholly-owned coalbed methane lease arrangements.
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