The largest steel-making company in South Korea, POSCO, has approved a proposal to form a 30-year-long partnership with the nickel mining arm of the New Caledonian government, SMSP.
POSCO will invest US$352 million for a 49 per cent stake in an SMSP joint venture.
POSCO has reported a five per cent rise in profits for last year, to US$4.1 billion.