NEW CALEDONIA – The on-again, off-again development of the Goro nickel/cobalt project is going ahead, announced Toronto-based INCO LIMITED yesterday. The project was subjected to not one but two reviews in an attempt to control the US$1.878 million capital costs. The review included an updated estimated cash cost per pound of nickel to be produced by the project, after byproduct credits, of US$1.10 to US$1.15, based on a cobalt price of US$7.00/lb.
Inco has also entered into a memorandum of understanding with SUMITOMO METAL MINING and MITSUI & CO. covering their purchase of a 21% interest in GORO NICKEL, the operating company.
The details are available as a webcast and other documents are archived at the Inco website, www.inco.com/investorinfo/presentations.