Glencore Dominican exploration refused by United Nations

The United Nations Development Programme (UNDP) has rejected Glencore Xstrata's (GLEN) environmental study of a Dominican Republic ferronickel mine, claiming that exploration should be reconsidered.

The UNDP considers the study of the Falcondo Lomo Miranda mine to be incomplete, failing "to consider the social and environmental impact of extraction at the mine."

The Dominican government last year requested a review of Glencore's plan to extract the ferronickel, which was expected to generate $5.4 billion for the country over the course of roughly 25 years.

 

Sources: Adam Williams reporting for Bloomberg; Fox News