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Anglo American to leave Venezuela as Loma de Niquel concessions expire

Steel News - Published on Fri, 16 Nov 2012

BNamericas reported that global resource group Anglo American has ceased mining and production in Venezuela following the expiration of the concessions and permits for its Loma de Níquel nickel operation there.

The government had refused the company\'s request to renew the operations\' concessions, which expired on November 10th 2012. The company will now begin moving out of the country though a spokesperson could not provide further details.

The official statement said that in light of this situation, the company is taking action to end its working relationship with its employees, and will seek to wind up its operations in an orderly fashion.

Control of the operation has been handed over to the government through state oil company PDVSA. Proven and probable reserves at Loma de Níquel totaled 4.6 million tonne at end 2011.

The company reported an accelerated depreciation of USD 84 million in 2011 mainly from the Loma de Níquel operation. Anglo American held a 91.4% stake in the mine, which provided 13,400 tonnes of attributable nickel production in 2011.

Source - Business News Americas


Posted By : admin on Fri, 16 Nov 2012
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