FIRST NICKEL INC. First Nickel Inc. announced that it has entered into an amendment to its ore processing agreement with Glencore Canada Corporation. The Agreement, originally entered into with Falconbridge Limited in 2005, provides for the sale by FNI of all of the ore from its Lockerby Mine in the Sudbury Basin to Glencore. The changes to the agreement provide benefits to both parties, including simplification of the terms, structure and timing of settlement.
The conversion to a GMV contract will result in changes to the methodology for reporting of payable metals and unit cash costs. Further detail regarding the changes in methodology will be provided in the company's quarterly disclosure starting in the third quarter of 2013.
