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| HOME >> Topics List >> January, 2006 >> 05 (Thu) |
| Nickel Situation In New Caledonia Is Boiling Down |
| = Mr. R. Mapou Is Appointed As New President Of SMSP, Koniambo Project Is Proceeded |
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In view of the Bercy Agreements relating to the Koniambo nickel project in New Caledonia which expires on the 31st December of 2005, an interest of the nickel situation in New Caledonia is surging. First of all, it is marked to see a judgment on the Koniambo case to be made by the Local Court in Paris on Wednesday of this week ( on the 28th of December - local time in Japan ). Namely, the matter in question is how dose the Court judge on the nickel deposit in Koniambo area, which Eramet filed an appeal to revert to them. On the other hand, it was also marked to see an issue of the top meeting on the Koniambo nickel project held by the partners concerned from the second week of December in New Caledonia, and it has been decided to materialize this project. SMSP, which has acquired 51% of the interest in this joint venture and is a nickel mining company in New Caledonia, announced on the end of last week their decision to proceed the Koniambo nickel project. In response to this announcement, Falconbridge of Canada, which has acquired 49% of the interest in this project, also announced on the 23rd of December ( local time ) that the Company will take a positive attitude toward the Koniambo nickel project. Reacting to these announcements, the Government of France ( Francois Baroin Minister of Territory ) announced that the Government is welcome to the decisions by both companies. Falconbridge has confirmed that the Company is responsible to finance US$2,200 million ( as of 2004 ) for the Koniambo nickel project, excluding working capital and interest during construction, and guarantees to purchase materials and facilities to be required for this project, amounting to US$100 million which is the most important matter conditioned by the Bercy Agreements. Therefore, Falconbridge said that these actions will put a favorable influence on a judgment to be made by the Local Court in Paris on the 26th of December ( local time in Paris ). Furthermore, SMSP held on the end of last week the Board of Directors and it has been decided that Mr. Andre Dang, who worked strenuously at SMSP for a long period by having played the role of a prominent figure, retires from President of SMSP and Mr. R. Mapou, who is Director of SMSP and also Managing Director of SOFINOR as parent company of SMSP, is appointed as new President of SMSP. Mr. Dang is one of major shareholders of SMSP, having acquired more than 8% of the shares, and remains as one of Directors of SMSP. It is not known yet that from when does Mr. Mapou assume new President of SMSP. The Koniambo nickel project is an existence to symbolize the economic development in Northern Province of New Caledonia and, if this project is collapsed, this case will be a shock for Kanak in New Caledonia. Accordingly, it is viewed to be inevitable to put a substantial influence on the political and orderly circumstances in New Caledonia, in which the Government of France has been strongly interested. As a phenomenon to catch this tide, the threatening motions, including strikes, by Unions were seen at everywhere in New Caledonia from autumn of 2005. |
| last modified : Wed 11 Jan, 2006 [10:51] |
