31 Aug 2011

New Caledonia/South Korean nickel venture expands

2:40 pm on 31 August 2011

New Caledonia's SMSP mining company says its joint venture with South Korea's Cosco will double nickel production by 2014.

The two sides decided in 2008 on using New Caledonia's low-quality ore to produce nickel at plant in South Korea.

Production at the Gwangyang plant has reached 30,000 tonnes a year and will reach 54,000 tonnes by 2014.

This is based on SMSP increasing its shipments to 3,6 million tonnes of ore a year.

SMSP has a 51 percent majority stake in the venture, described as France's third biggest investment in South Korea, behind the oil company Total and car manufacturer Renault