Mitsubishi, Nittetsu Mining, Newcrest to Seek Copper, Gold in Fiji

Mitsubishi Materials announced on Thursday the firm agreed with Nittetsu Mining and Newcrest Mining of Australia for pre-feasibility study to develop Namosi copper and gold deposit in Republic of Fiji Islands. They expend around 3 billion yen in 4-6 years for the exploration. Mitsubishi Materials expends the large part of the exploration depending on the interest in the venture, for which the firm has option to purchase 28.06% interest held by Nittetsu Mining. Mitsubishi Materials signed the option agreement with Nittetsu Mining in September 2004 and they promoted joint exploration for copper and gold resources. The deposit was estimated based on the past research to have around 900 million tonnes of resources with 0.43% copper and 0.14 gram gold per tonne. They confirmed the ore grade through the joint research and believe the area could have high quality ore resources in underground and around the deposit.