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| Fever In New Caledonia Turned To Calm Down From Beginning Of New Year |
| = Measure To Koniambo Case Taken By France Is Welcomed By People In New Caledonia |
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An extraordinary fever by the inhabitant - Kanak of New Caledonia surged once in December of 2005 with an instability of the security but has calmed down from the beginning of new year and the background of this aspect has been pointed out by the fact that a prospect of the Koniambo nickel project, as a symbolic existence of the economic development in Northern Province, has been finally established. Namely, in relation with the problems arisen from the Koniambo nickel project in New Caledonia, the Government of France ( Ministry of Territory ) and the High Court of Justice in Paris have taken an attitude to support this nickel project. If the parties concerned in France would have taken a deniable or negative attitude toward the problems relating to the Koniambo nickel project, the persons closely concerned with New Caledonia said that there should be a dangerous factor to cause a riot in New Caledonia from the beginning of new year. However, a fever by Kanak has calmed down but New Caledonia has been attacked by an extraordinary climate at present and many forest fires have emerged in New Caledonia, mainly Southern Province, by a blast of hot air. It seems that a fever by Kanak has shifted this time to forest fires. The High Court of Justice in Paris gave on the 28th December of 2005 their judgment on the fulfillment of the Bercy Agreements to be expired on the 31st December of 2005 and this judgment dismissed an appeal filed by Eramet. Also, on the 23rd December of 2005, the Government of France ( Francois Baroin Minister of Territory ) announced their comments on this matter, saying that the measure taken by SMSP and Falconbridge to fulfill the Bercy Agreements is welcomed, and French Government has taken an attitude to support the Koniambo nickel project. It is generally said that, in order to develop the Koniambo nickel project, a huge amount of US$3,000 million is required, and the Bercy Agreements have stipulated the US$100 million orders for necessary materials and facilities to be placed by the 31st December of 2005 as its deadline. According to an information from the parties concerned, it is supposed that Falconbridge, to be responsible for financing, has acquired a firm footing to fulfill the Bercy Agreements in advance of the third week of December. However, SMSP, a local enterprise in New Caledonia, has shared 51% of the interest in this project as the majority and, upon a confirmation of the final attitude taken by SMSP, Falconbridge announced on the 23rd December of 2005 their fulfillment of the Bercy Agreements. Falconbridge has been proceeding a plan to merge with Inco in January - March quarter of 2006 and to inaugurate as new Inco, and the judicial authorities concerned in the USA and Europe have been working to investigate this merger. Also, Falconbridge is necessary to hold a general meeting of shareholders on the 27th January of 2006 in order to obtain an approval of the merger with Inco. Generally, this meeting of shareholders was initially scheduled to be held on the 23rd December of 2005 but is now postponed by about one month. The judicial authorities concerned in the USA and Europe have been investigating this big merger by a large scale of staffs and an unexpected long time is anticipated to be necessary. However, an attitude toward the Koniambo nickel project taken by Inco is also an important matter and the backup by Inco seems to be effective. The nickel deposit at Koniambo mine is estimated to be the most prominent one among those in New Caledonia and, accordingly, the matter to drive a wedge in this nickel deposit is very meaningful. For a reference, Andre Dang President of SMSP announced on the end of last year his intention to retire with an undecided date but so far seems to stay at the position of President for the time being. Even when Mr. Andre Dang withdraws from the front line of business at SMSP, Mr. Dang is still a private large shareholder of SMSP, having acquired 8% of the shares, and it is supposed that Mr. Dang will remain as a director of the Board with a latent power. |
| last modified : Wed 18 Jan, 2006 [14:06] |
