12 Aug 2002

Goro Nickel signs development deal with New Caledonia's Southern Province

3:47 pm on 12 August 2002

The Goro Nickel company and the government of New Caledonia's southern province have signed an agreement to set up a development fund.

The fund is to hold more than two million US dollars and be run by a holding company, Promosud, which will buy shares in mining-related ventures of rthe benefit of the locals.

Among those considered are transport businesses that serve the mine site as well as possible shares in a plannned port.

The head of Goro Nickel, Pierre Alla, says the fund is the best way to integrate the nickel project into the local community.