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Gold/Mining/Energy : BHP Billiton (BHP)

BHP 57.05

-0.3%

Oct 31 9:30 AM EST

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From: Peter Dierks	3/2/2006 10:14:57 AM
	of 62

DJ European Nickel Sees New BHP Billiton Proj, Process Terms Edited Press Release LONDON (Dow Jones)-- European Nickel PLC said Thursday that it is to negotiate new terms with BHP Billiton in connection with the Caldag nickel project and a jointly developed process. European Nickel PLC and BHP Billiton plc have agreed to extend the First Property Option exercise period until 21st March 2006. The companies have agreed this extension to allow time to complete discussions on their future collaboration on both the Caldag project and the jointly developed heap leach process. Under the terms of the Option and Framework Deed between the companies signed in June 2004, BHP Billiton has certain rights to take a direct interest in the Caldag project. The parties have now mutually decided to review certain aspects of the agreement. Completion of this review will allow the project financing to move forward and to cement the future working arrangements between ENickel and BHP Billiton in the development of heap leaching nickel laterites. Simon Purkiss, the Managing Director of ENickel, said Thursday: "We have enjoyed very good relations with BHP Billiton over the last few years while we have brought Caldag to the position it is Thursday, on the cusp of being developed as a full scale operation. I am pleased with our recent discussions with BHP Billiton and I look forward to concluding these discussions shortly and finalising the financing of the Caldag project". ENickel announced in November 2005 the completion of a positive bankable feasibility study on the development of the Caldag nickel project in western Turkey. Construction of the project is planned to commence in mid 2006, with first production in the third quarter of 2007. The mine will produce a mixed hydroxide product containing some 21,400 tonnes of nickel and 1,000 tonnes of cobalt a year. (END) Dow Jones Newswires March 02, 2006 05:02 ET (10:02 GMT) Copyright (c) 2006 Dow Jones & Company, Inc.

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