Australian mining company secures Solomons nickel deposit Posted at 23:25 on 01 March, 2011 UTC
An Australian mining company, Axiom, has secured what it says is one of the world?s largest nickel deposits under a 50-year deal in Solomon Islands.
Independent research for Axiom showed the deposit held close to 160 million tonnes of nickel ore, with an estimated value of almost 60 billion US dollars.
Axiom?s chief executive, Ryan Mount, says the lease, covering 45 square kilometres on Santa Isabel island, was signed last week in Honiara after months of negotiations.
He says many companies have been trying to secure the lease for decades.
Mr Mount says rather than top down they?re building the project from the bottom up by dealing directly with the landowners.
Mr Mount said Axiom was establishing an office in Honiara and would apply for a prospecting licence as soon as possible.
He says the company has formed a joint venture with the local Kolosori and Bungusule Landowner Trustee groups, with Axiom holding 80 per cent.
The resource has not been developed previously due to low nickel prices, landowner issues and political disputes.
News Content ? Radio New Zealand International PO Box 123, Wellington, New Zealand Latest Headlines Fiji assessors find Takiveikata guilty in mutiny case. full story
Amnesty reports Fiji military beatings of young people. full story
Death threat for foreign workers group leader in CNMI. full story
NGO's say Pacific should not be used as testing ground for deep sea mining. full story
[ZAPHOD BEEBLEBROX]Seconday NavigationSection Menu Home News
Latest Archives Search
AVQ Price at posting:
3.1¢ Sentiment: LT Buy Disclosure: Held
