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First Nickel, Glencore adjust Lockerby ore purchase deal

Keywords: Tags  First Nickel Inc., Glencore Xstrata Plc, Lockerby Mine, nickel, copper, Rey Mashayekhi

NEW YORK — First Nickel Inc. has amended its ore processing agreement with Glencore Canada Corp., allowing the company to sell ore from its Lockerby Mine in Ontario to other processors with Glencore Canada’s consent.

Under the previous terms of the agreement, Glencore Canada, a subsidiary of Glencore Xstrata Plc, obtained 100 percent of the ore from Toronto-based First Nickel’s Lockerby Mine in the Sudbury Basin. The amendment allows First Nickel to sell the ore to a third party if Glencore Canada refuses the material.

First Nickel originally entered into the agreement with Toronto-based Falconbridge Ltd. in 2005, before Xstrata Plc purchased Falconbridge the following year.

The Lockerby Mine, which First Nickel has owned and operated since 2005, produces at a targeted annual rate of approximately 10 million pounds of payable nickel and nearly 7 million pounds of payable copper.

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