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Gold/Mining/Energy : Canmine resources

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To: Ralph Kern who started this subject	7/12/2000 10:06:44 PM
From: Marshhawk	Read Replies (1) of 2769

Time and Tide, they wait for no man. Falconbridge confirms tentative deal on Gag Island nickel project Canadian Press Toronto — Nickel producer Falconbridge Ltd. has struck a joint-venture deal with Australian mining giant BHP that could lead to the development of a nickel project in Indonesia. The Toronto nickel giant said Wednesday it still needs to reach a final agreement with BHP, also known as The Broken Hill Proprietary Co. Ltd. If a final joint venture agreement is completed, Falconbridge said it's prepared to spend $110-million to earn a 37.5-per-cent stake in the planned nickel development on Gag Island. The project is estimated to contain 240 million tonnes of ore averaging 1.35 per cent pure nickel. "At this stage there is no commitment to proceed with the project beyond the feasibility study," Falconbridge said. Inco, the western world's biggest nickel producer, already has a major Indonesian nickel project through its PT Inco subsidiary.

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