|  | 21/10/2004 |
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Sumitomo Metal Mining and Mitsui take a stake in Goro nickel project with 21% of investment ratio
Sumitomo Metal Mining and Mitsui announced to take a stake in Goro nickel project in New Caledonia with 21% of investment ratio, total of two firms. It is world's biggest project of nickel. Though it had stopped for two years on the ground of cost overrun, it begins steps belatedly. It can produce annual 60,000 tonnes of nickel oxide and 5,000 tonnes of cobalt carbonate, and plans to produce at full capacity from 2009. The project employs High Pressure Acid Leach, HPAL. HPAL excels at cost performance, and cash cost is $1.1-1.5 a pound, total cost is $2, and resource reserve is over 50 years.
As for Goro nickel project, construction had been stopped two years ago due to over $2.1 billion of expensive project cost, but the firms have decided to take a stake because of cost reduction of $300 million compared with originally planned, by comprehensive change in architectonics and module of equipment, and decrease of building area.
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 | Sumitomo Metal Mining and Mitsui take a stake in Goro nickel project with 21% of investment ratio
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