Wednesday, March 3, 2010

Rio Tinto (LON:RIO) Lands Indonesia Nickel Permit

Rio Tinto Sulawesi Nickel Mine

Rio Tinto (LON:RIO) has landed a nickel mining permit in Indonesia, the first approval under the new mining laws instituted by the country last year.

The permit is for the Sulawesi site, which holds an estimated 162 million tons of laterite nickel. Rio Tinto is expecting to spend around $2 billion to develop the mine site.

By about 2015, the company estimates it could produce 46,000 tons of nickel a year, and by a couple of years after that, nickel production at Sulawesi could go as high as 100,000 tons a year.

Rio Tinto Sulawesi Nickel Mine

No comments: