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Nickel gleams again in New Caledonia
December 03, 2001 - 11:52 GMT
With no less than a quarter of the world's nickel reserves,
New Caledonia is finally attracting the major players,
including Inco, Norilsk and Falconbridge. A range of greenfield
projects should see the territory experience a sustained boom,
given expected long-term nickel demand, says Robin
It has taken a long time and no little
deliberation for Russian heavyweight Norilsk Nickel to venture
beyond its motherland to seek a new production base. That it
should happen in New Caledonia, at a time when Inco and
Falconbridge are also pushing forward with ambitious new
production plans, is an indication that the French-governed
islands in the South Pacific, 1,400km off the east coast of
Australia, are gearing up for a new nickel boom.Norilsk struck
a deal at the end of July with Australian-registered Argosy
Minerals to develop the Nakety orebody in New Caledonia. The
Russian company is expected to earn up to a...
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Euromoney Institutional Investor PLC.
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