Eramet sees vital studies on N. Maluku nickel project to be completed this year

French miner Eramet is targeting to complete Feasibility Study and Environmental Impact Assessment Studies of its Weda Bay nickel project in North Maluku end of this year, a government official said on Wednesday.

Simon Sembiring, Director General of Mining and Geothermal at the Ministry of Energy and Mineral Resources told reporters that the company will start construction of the mine in 2009.

Eramet reportedly is planning to spend up to US$2 billion to develop Weda Bay which would be able to produce 60,000 tonnes of nickel and 3,500 tonnes of cobalt per annum with completion seen in 2013.

Eramet has 90 percent stake in the project with state miner PT.Aneka Tambang (Antam) has the remaining 10 percent. According to Sembiring, Antam has right to increase stake to 25 percent upon FS completion and to 40 percent after 14 years of commercial operations.(bernard