S.Korea group to invest $1.1 billion in nickel mine http://today.reuters.com/news/articlebusiness.aspx?type=ousiv&storyID=2006-10-30T021151Z_01_SEW000055_RTRIDST_0_BUSINESSPRO-MINERALS-KOREA-NICKEL-DC.XML&from=business
Sun Oct 29, 2006
SEOUL (Reuters) - A South Korean consortium led by state-run Korea Resources Corp. will invest a total of $1.1 billion to develop a nickel mine in Ambatovy, Madagascar, the commerce ministry said on Monday. The mine, which is estimated to have 125 million metric tons of nickel, will produce up to 60,000 metric tons of the metal a year from 2010, the ministry said in a statement.
The South Korean consortium, led by Korea Resources, Daewoo International Corp. (047050.KS: Quote, Profile, Research), Keangnam Enterprises Ltd. (000800.KS: Quote, Profile, Research) and STX Corp. (011810.KS: Quote, Profile, Research), will take a 27.5 percent stake in the nickel project.
Canada's Dynatec (DY.TO: Quote, Profile, Research) and Japan's Sumitomo Corp. (8053.T: Quote, NEWS, Research) will hold a 40 percent and 27.5 percent stake, respectively.
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