August 22, 2008

Canadian FNX urged to put itself up for sale

Metals Insider reported that Canadian nickel junior FNX has been urged by a major shareholder to put itself up for sale.

The suggestion comes from York Capital, which holds a 19.37% stake in FNX. FNX York Capital wrote on November 19th 2007 that “It is frustrated with the public market’s unwillingness to recognize the intrinsic value in FNX shares.”

FNX owns and operates the restarted McCreedy West Levack mines in Canada’s Ontario. Production in 2006 was 3,680 tonnes contained nickel and it is forecast to rise to 5,760 tonnes this year.