Mitsui to take a 15pct stake in Taganito HPAL Nickel Corp

Japanese trading house Mitsui & Co said that it will join a USD 1.3 billion nickel project that Sumitomo Metal Mining Co Limited is developing in Claver, Surigao del Norte, Philippines.

It may be recalled that Sumitomo Metal Mining, Japan's top nickel producer, said in September 2009 that it would start commercial operations at the 30,000 tonne a year Taganito nickel plant in August 2013 with plans to keep it running for 30 years.

Mitsui said that it would take a 15% stake in Taganito HPAL Nickel Corporation, which is developing the project, to help fuel its expansion in the nickel business. Sumitomo Metal Mining will see its stake fall to 62.5% from 100%.

Nickel Asia Corporation, Philippine's leading nickel mining firm, will own 22.5%. Sumitomo has said the project would help it achieve total nickel output of 100,000 tonnes in 2013, up from 65,000 tonnes currently. (reuters)

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