Sumitomo Metal Mining plans to spend about 200 billion yen ($1.93 billion) to develop a nickel mine in the Solomon Islands, followed by the construction of a refinery, a power plant and port facilities by 2012 according to unconfirmed reports from Nikkei English News.
The refinery will process nickel ore into metal with 55 percent purity by 2013 or later, with the output shipped to another Sumitomo plant for more purification, the news service said. Executives anticipate annual output of around 30,000 tons, with sales mostly to Japanese customers as bullion.
Tokyo-based Sumitomo Metal Mining has been exploring the South Pacific nation for nickel-ore deposits since 2006, Nikkei said. Japan accounts for 13 percent of worldwide nickel demand, taking in a little less than 900,000 tons a year.
Source: Bloomberg
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