1 Nov 2007

New Caledonia Congress passes law to facilitate Koniambo project

7:02 pm on 1 November 2007

New Caledonia's Congress has unanimously approved a territorial law to pave the way for the nickel project in the north to proceed.

Last month, the key foreign stakeholder in the nearly four-billion-US dollar Koniambo project gave its go ahead for what is seen as the main industrial development to boost the economy in the territory's mainly Kanak north.

Now, the New Caledonian majority stakeholder, SMSP, has been able to accommodate its separate deal with a South Korean company, Posco.

The newspaper, Les Nouvelles Caledoniennes, says despite some reservations, the territorial legislature gave the green light for provisions that allow Posco of South Korea to enter its deal with New Caledonia's SMSP company.