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Gold/Mining/Energy : Major General--MGJ

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To: George J. Tromp who wrote (1600)	9/11/2000 11:50:53 AM
From: George J. Tromp	Read Replies (1) of 1707

Toronto, Sept. 11 (Bloomberg) -- Inco Ltd. and the Newfoundland government may revive negotiations on development of the nickel miner's stalled Voisey's Bay project, the Globe and Mail reported, citing unnamed sources. Inco acquired the remote Labrador site in 1996, but the project has been at a standstill over a lengthy environmental review as well as the company's decision to refine Voisey's Bay ore outside the province. Newfoundland Premier Brian Tobin wanted a promise from the company that it would refine nickel ore in the province. The project cannot proceed without a mining license from the province. Earlier this month, Inco officials contacted the Newfoundland government to explore reviving negotiations, the Globe said. The overture renewed hope that the two sides could reach an agreement this fall, which would allow work on the site to begin by next year's summer thaw. Last week, Inco offered C$308.6 million ($208.3 million) to buy back stock representing a share of profits from the nickel deposit. (Globe and Mail)

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