Sumitomo Considers US$1.7 Billion Nickel Processing Plant in Philippines

Japan`s Sumitomo Metal Mining Co is considering building a US$1.7 billion nickel processing plant in the southern Philippines, despite global financial market turmoil, company officials said.

If approved, the high pressure acid leaching plant in the province of Surigao del Norte, with a capacity of 30,000t of contained nickel per year, will be one of the biggest foreign investments in the Philippines. "At the moment our costing shows US$1.7 billion for the 30,000t," Takanori Fujimura, president of Sumitomo`s local unit Coral Bay Nickel Corp, said. He added that the Japan Bank for International Co-operation could finance up to 70% of the investment…more at MEIOnline