14 Apr 2015

New Caledonia president wants bigger stake in nickel mining

9:44 am on 14 April 2015

The president of the New Caledonian government, Philippe Germain, has proposed talks to boost the government's stake in the mining company Societe Le Nickel or SLN to 51% of its capital.

New Caledonia's three provinces currently hold 34% of SLN and 4% of its parent company Eramet.

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Photo: RNZ / Johnny Blades

Mining strategy is one of the main bones of contention between the parties that make up the territory's government.

Mr Germain says the government was working to create a mining fund for future generations along the lines of a sovereign wealth fund.