Sumitomo Metal Mining to spend US$1.9 billion on nickel mine

Japan`s Sumitomo Metal Mining Co plans to spend about ¥200 billion (US$1.9 billion) to develop a nickel mine in the Solomon Islands in the South Pacific, the Nikkei business daily reported.

A company official said the report was based on speculation. "We have been doing research in that the area, but we still haven`t started a feasibility study," he said.