This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Fletcher Nickel to merge with Atlas Precious Metals 2009-10-26 12:50 ET - News Release Mr. Bruce Hodgman reports FLETCHER NICKEL NEGOTIATES TERMS FOR MERGER WITH ATLAS PRECIOUS METALS Fletcher Nickel Inc. has negotiated terms for a merger with Atlas Precious Metals Inc. (APMI), the primary asset of which is a 65-per-cent joint venture interest in the Karachipampa lead-silver smelter outside of Potosi, Bolivia. The Kivcet process smelter was completed in 1984 and was placed on care and maintenance until February of 2008 when APMI took possession of the Karachipampa smelter complex. In June, 2005, APMI signed a joint venture agreement with Corporacion Minera de Bolivia (COMIBOL) to add an acid plant to the existing Karachipampa lead smelter and combine it with a new zinc-silver smelter. APMI has since acquired an acid plant for shipment and installation and made substantial upgrades in the computerization of all electrical control systems and in various plant restorations required for the commencement of commercial production.
The final Karachipampa joint venture project will consist of a 60,000-ton-per-annum lead smelter and new 150,000-ton-per-annum zinc smelter. The primary objective of the merged company is to gain significant capital appreciation through becoming a fully integrated and diversified mining company with a focus on precious metals production, especially silver, through the operation of the Karachipampa smelter joint venture. Fletcher Nickel's Texmont mine property is considered to be a valuable strategic sulphide nickel resource which might be developed to feed nickel ores to an on-site carbonyl refining plant for production of high-purity ferro-nickel and cobalt products, in the future. The remainder is available to Stockwatch subscribers.
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