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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (36423)	5/1/2009 1:33:04 PM
From: LoneClone	Read Replies (1) of 194001

New nickel plant expected to be operational in two years Thursday, Apr 30, 2009 yourmetalnews.com A new nickel processing plant that the governments of Cuba and Venezuela are building in the Caribbean island's Holguín province is slated to be operating by 2011, an official from Venezuela's basic industries and mining ministry (Mibam) told BNamericas. "Construction works have already begun on the new plant, which called for investments of roughly US$700mn," the official added. Works are part of an agreement signed in October 2007 by the countries' presidents to form a ferronickel JV. The new plant will boost Cuba's output by roughly 100,000t/y from its current average of 75,000t/y. The Caribbean country will tag part of its production for Venezuela, where it will be turned into stainless steel, the official said. Cuba made US$552mn in revenues in 2008 from the sale of 70,400t of unrefined nickel and cobalt byproduct. The country ranks second in worldwide nickel reserves and sixth as a producer.

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