13 Jan 2006

South Korea steel-making firm buys stake in New Caledonia nickel entity

8:14 am on 13 January 2006

The largest steel-making company in South Korea, POSCO, has approved a proposal to form a 30-year-long partnership with the nickel mining arm of the New Caledonian government, SMSP.

POSCO will invest US$352 million for a 49 per cent stake in an SMSP joint venture.

POSCO has reported a five per cent rise in profits for last year, to US$4.1 billion.