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| Koniambo Nickel Project Starts In 2007 |
| = Falconbridge, High Court Of Paris Judged On End 2005 |
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Falconbridge of Canada released on the 28th December of 2005 their announcement of the Koniambo nickel project in New Caledonia as the partner of this project. According to this announcement, the High Court of Justice in Paris judged to dismiss an appeal filed by Eramet of France and, on the basis of this judgment, Falconbridge is scheduled to start the construction for the Koniambo nickel project in 2007 and to produce ferro-nickel from an early part of 2009. However, concerning this announcement released by Falconbridge, Eramet released on the 29th December their comments that Eramet was astonished to see this announcement by Falconbridge, which does not mean the real content of this judgment by the Court. Also, Eramet said that, in the event that the conditions are not respected by Falconbridge, Eramet would be entitled to recover the Koniambo deposit and the State would act as the guarantor of this reversion. Falconbridge said that, through the judgment by the High Court of Paris, the Koniambo nickel deposit has been confirmed to belong to SMSP - Falconbridge and the conditions stipulated in the Bercy Agreements have been fulfilled before the 1st January of 2006. These conditions were (1) a perfect feasibility study was completed by June of 2005 and (2) the orders for necessary materials and facilities, amounting to US$100 million, were placed by the 24th of December. The Koniambo nickel project in New Caledonia is being proceeded by SMSP and Falconbridge and the next steps have aimed at (A) to transfer the mining right at the Koniambo nickel deposit, (B) to carry out the detailed engineering during 2006, (C) to start the construction in 2007 and (D) to commence the production of ferro-nickel in an early part of 2009. The Koniambo nickel deposit is laterite ore and has been evaluated as the highest level of nickel reserves in the world. Namely, the Koniambo nickel deposit is estimated at 142.1 million tons ( nickel content of 2.13% ) for nickel cutoff grade of 1.5% on the basis of measured and indicated mineral quantities and also at 156 million tons ( nickel content of 2.2% ) on the basis of inferred mineral quantity. In addition, the Koniambo deposit has reserved 100 million tons of limonite ore, containing 1.6% of nickel and 0.2% of cobalt. The development of limonite ore is planned to be materialized on a later time but, as for laterite ore, this nickel project is scheduled to start its operation in 2009 on the basis of the plenty reserves of nickel ore and to produce 60,000 tons per annum of nickel in ferro-nickel. |
| last modified : Thu 12 Jan, 2006 [10:21] |
