20 Nov 2002

New Caledonian government takes stake in Goro Nickel project

11:39 am on 20 November 2002

The New Caledonian government has reached agreement with the Goro Nickel company to take a 10 percent stake in the new mining project in the territory's south.

This was announced by the territory's leading politician, Jacques Lafleur, and confirmed by the head of Goro Nickel, Pierre Alla.

The deal provides for the state to take a stake in the project to build a smelter near Yate which is being built by Canada's Inco concern.

The project is worth about 1-point-5 billion US dollars.