Société du Nickel de Nouvelle Calédonie et Corée Pty Limited, a JV between South Korean steel giant POSCO with a 49% stake and New Caledonia Island's Societe Miniere du Sud Pacifique SA with a 51% stake, has announced that it has signed a memorandum of understanding with the local governments for capacity expansion projects at its Gwangyang plant in South Korea.

With this MoU, SNNC will increase its annual nickel production capacity from 30,000 tonnes to 54,000 tonnes, while the local governments provide the needed administrative support.

Accordingly, SNNC will start laying the groundwork in Gwangyang with plans to complete the second nickel refining facility in 2014.

The SNNC plant, with a nominal capacity of 30,000 tonnes of nickel metal contained in ferronickel produced 20,512 tonnes of nickel metal in 2010.

(Sourced from www.steelorbis.com)
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