Coral Bay (Rio Tuba) Nickel Refining Project Incorporation of a Joint-venture Company and the construction start-up
Jul. 18, 2002
TOKYO(July 17,2002)--Sumitomo Metal Mining Co., Ltd. (Head Office: Shimbashi, Minato-ku, Tokyo, President: Koichi Fukushima), Mitsui & Co., Ltd. (Head Office: Ohtemachi, Chiyoda-ku, Tokyo, President: Shinjiro Shimizu), Nissho Iwai Corporation (Head Office: Daiba, Minato-ku, Tokyo, President: Hidetoshi Nishimura) and Rio Tuba Nickel Mining Corporation (President: Manuel B. Zamora, Jr.) have incorporated a joint-venture company for the project on July 1, 2002.
The Environmental Compliance Certificate for the project has been successfully obtained as of July 10, 2002, which is essential for commencing development activities of the project. The construction work of the plant will be undertaken with targeted start-up of the production in the summer of 2004.
<Profile of the New Company>
| 1) Company Name | Coral Bay Nickel Corporation |
| 2) Capital |
US$1 million at the start-up and will gradually be increased up to approximately |
| 3) Stockholders and their stockholding ratio | Sumitomo Metal Mining Co., Ltd.54% Mitsui & Co., Ltd.18% Nissho Iwai Corporation18% Rio Tuba Nickel Mining Corporation10% |
| 4) Location of the Head Office | Barangay Rio Tuba, Municipality of Bataraza, Province of Palawan, Republic of the Philippines |
| 5) President of the Company | Takanori Fujimura |