NEW YORK (TheStreet) -- Shares of Glencore International (GLNCY) are down -1.98% to $11.91 as the future of the company's closed ferro-nickel mine in the Dominican Republic was thrown into doubt after passage of legislation declaring the region surrounding the mine a national park, Bloomberg reports.
Glencore, led by billionaire CEO Ivan Glasenberg, called for "rationality" in decision-making on the mine's future.
The cost of permits to operate the mine will rise if the national park legislation is signed into law by President Danilo Medina. Affected landowners will be compensated, according to the bill. The mine, which Glencore acquired in 1956, contains 19.3 million tons of minerals, Bloomberg said.
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