Inco, Newfoundland far apart on Voisey's Bay development

Article Abstract:

Inco Ltd. remains in negotiation with the government of Newfoundland about the development of Voisey's Bay, the biggest mining project in Canada. The negotiations, which will be participated by Bill Rowat, Newfoundland's chief negotiator, and Scott Hand, Inco's president, will center on whether the company should maintain its original plans for the project. Inco seeks to terminate from its original plan the need to spend over $1 billion for the construction of a smelter and refinery at a deep-water port in Argentia, Newfoundland, due to the weak nickel prices. The government, however, remains adamant about the construction of the smelter and refinery which is expected to alleviate unemployment in the province, according to Charles Furey, the Minister of Mines and Energy for Newfoundland.

Comment:

Remains in negotiation with the Newfoundland govt about the development of Voisey's Bay, the biggest mining project in Canada

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Inco to halt Voisey's Bay work

Article Abstract:

Inco Ltd., a mining company, intends to terminate all engineering operations in its nickel extraction project in Voisey's Bay in Newfoundland. The firm has also expressed plans to displace 1,000 of its employees involved in the development project. The move were spurred by the inability of the company to come to terms with the government of Newfoundland, which has demanded the construction of a refinery and smelter in the region as a prerequisite for the continuation of the nickel mining project. Inco also, plans to concentrate its resources in its other projects, particularly those in New Caledonia and in Indonesia.

Comment:

To terminate all engineering operations in its nickel extraction project in Voisey's Bay in Newfoundland

Labor force information

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New rival sees trouble for Inco

Article Abstract:

Anaconda Nickel Ltd., a nickel firm based in Australia, forecasts its new low-cost nickel mine in Australia will steal its rival's, Toronto, Canada-based nickel firm Inco Ltd. market share. Anaconda has been supported by forecasts of industry analysts with concerns that Inco needs to reduce its cost as new nickel projects are proliferating around the world. Salomon Smith Barney predicts Inco's market share to drop to 18% from 21% with the 9% going to Falconbridge Ltd. and other nickel producers. Anaconda believes its market share will increase through laterite ores that contain 60% of the world's nickel reserves.

Comment:

Predicts its new low-cost nickel mine in Australia will steal Inco's market share

Australia, Market share, All Other Metal Ore Mining, Nickel Ores, Anaconda Nickel Ltd.

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