17 Dec 2007

New Caledonian leaders ask for more money to increase local stake in Goro Nickel

6:05 am on 17 December 2007

New Caledonian leaders are set to ask France to increase the local stake in the Goro Nickel project whose costs have risen to 3.5 billion US


The deal between New Caledonia and the Brazilian majority investor, CVRD, provided for a 10 percent stake for the three New Caledonian


In view of the cost explosion that share is expected to shrink to five percent.

The president of the southern province, where the Goro plant is being built, says he and other politicians will ask Paris to raise the New

Caledonian contribution by about 140 million US dollars.

The Goro plant is expected to produce 60,000 tonnes of nickel a year once it is completed in 2009.