Daewoo to Increase Investment in African Nickel Mine
By Ryu Jin
Staff Reporter
Daewoo International has decided to increase its investment in the Ambatovy nickel mine in Madagascar, Africa, by $10 million (9.2 billion won) to a total of $54.5 million.
Company officials said the increased investment was decided in accordance with a latest survey of the mine that indicates the need for more investment. The project has been estimated to be in need of $3.68 billion in investment, about $753 million more than the previous estimation.
The officials said the company could expect an annual dividend of $42 million from 2010 as the resources development project would last at least 27 years from that year.