Light now at end of tunnel

摘要

After years of uncertainty it now seems the French colony of New Caledonia will definitely become a major nickel producing centre with two large scale laterite operations due to get off the ground on the island before the end of the decade. Inco Ltd is set to beat its Canadian counterpart Falconbridge Ltd to the finishing line with its long-awaited 1.9 dollars billion Goro project, which is due to begin production in the fourth quarter of 2007. Goro, located in the island's southern province, has proven and probable reserves of 95 million tonnes at 1.5 percent nickel and 0.1 percent cobalt as well as measured and further resources of 55 Mt at 1.6 percent nickel (indicated) and 144 Mt at 1.7 percent nickel (inferred). Meanwhile Falconbridge's Koniambo play, situated in the north, contains resources of 300 Mt of saprolite (with a grade of 2.2 percent nickel) and 125 Mt of limonite (at 1.6 percent nickel). Once at full capacity, both projects should be yielding 60,000t per annum of the base metal (with Falconbridge's product being delivered in the form of ferronickel). Inco will also produce 5,000 tpa of cobalt During the recent ALTA base metals conference in Western Australia, representatives from both Canadian nickel producing giants gave an update regarding where their respective companies were in terms of the New Caledonian developments.