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POSCO has secured the rights to develop nickel mines in New Caledonia, a French-controlled island territory in the Southwest Pacific near Australia. Nickel is a key metal needed to produce stainless steel.
The world's fourth-largest steelmaker said the deal approved by the government and parliament in Noumea would ensure rights to develop five mines following two years of joint partnership with SMSP, the largest exporter of nickel ore in New Caledonia. The deal allows the nickel to be exported to Korea for 30 years.
POSCO will receive an annual 30,000 tons of nickel from the island territory, which is half of what the company needs every year. A supply shortage has caused global nickel prices to skyrocket since 2000, with prices fluctuating between US$23,000~$52,000 per ton since last year.
The five mines have total reserves of 60 million tons of nickel. POSCO says the mines are of high quality with double the nickel content of mines in other regions.
(englishnews@chosun.com )
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