Contract for design and construction of Goro nickel-cobalt project in New Caledonia
The company Goro Nickel, of the Canadian group INCO, signed a contract today in Nouméa with Technip-Coflexip (NYSE : TKP and Euronext : 13170), in association with the American group Bechtel, for the engineering, project management, procurement of equipment and materials and construction of a nickel- cobalt production complex at Goro, in the south of New Caledonia.
This engineering and project management contract represents about 12% of the overall targeted investment, which amounts to US $ 1.4 billion.
This contract follows the selection by Goro Nickel, in June 2001, of the joint venture Bechtel/Technip-Coflexip (62%/38%) as Project Manager for the development of the project in association with Hatch Associates of Canada, as designated subcontractor of the joint venture.
The Goro complex will have an annual production capacity of 54,000 tons of nickel and 5,400 tons of cobalt. The facilities include a hydrometallurgical ore processing plant, mining facilities, a power plant, chemical plants, a port and other infrastructures.
The services will be performed by an integrated project team formed with personnel from the partners of the joint venture. The initial basic engineering phase has been completed. Goro Nickel has already obtained the construction permit and earthworks have begun on the site. Detailed engineering will be carried out from Brisbane, Queensland, Australia, with the participation of Technip-Coflexip's engineering center in Kuala Lumpur, Malaysia. Numerous French and in particular New Caledonian firms will be participating in the project.
Production at the Goro complex is scheduled to begin at the end of 2004.
With a workforce of about 18,000 and annual revenues of about 5 billion euros, TECHNIP-COFLEXIP ranks among the top five in the field of oil and petrochemical engineering, construction and services. Headquartered in Paris, the Group is listed in New York (NYSE: TKP) and in Paris (EURONEXT: 13170). The main engineering and business centers of Technip-Coflexip are located in France, Italy, Germany, the UK, Norway, Finland, the Netherlands, the United States, Brazil, Abu-Dhabi, China, India, Malaysia and Australia. The Group has high-quality industrial and construction facilities in France, Brazil, the UK, the USA, and Finland as well as a world class fleet of offshore construction vessels.
Statements in this news release other than historical financial information are forward-looking statements subject to risks and uncertainties. Actual results could differ materially depending on factors such as capital expenditures in the oil and gas industry, the timing of development of offshore energy resources, materialization of construction risks, the strength of competition, interest rate movements and stability in developing countries.
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