Owners of Dominican Republic Nickel Mine to Consider Refining Oil to Sell in This Countryadmin
The owners of a large Dominican Republic nickel mine will consider refining oil to sell in this energy-starved Caribbean country, an Xstrata Nickel company spokesman said Wednesday.
The company will hire a consultant to look into expanding an in-house oil refinery that services the former Falconbridge mine, some 80 kilometers (50 miles) north of Santo Domingo, spokesman Ian Hamilton said by phone from Toronto.
If approved, an expansion could be ready in six to eight months at a cost of US$50 million (euro37 million), Hamilton said.
The open-pit mine, taken over in a buy-out of Falconbridge last year, produces an annual 28,000 metric tons (31,360 tons) of ferronickel — a material used to make stainless steel.
The Dominican Republic suffers from chronic fuel shortages and high prices. Regular gasoline sold for US$4.42 (euro3.29) in the Caribbean country on Wednesday.
Information from: biz.yahoo.com