PT Weda Bay Nickel Project - Feasibility Phase
Strand Minerals (Indonesia) Pte. Ltd of Singapore (jointly owned by Eramet of France and Mitsubishi Corporation of Japan) has requested MIGA’s support for its exploration and feasibility studies related to the PT Weda Bay Nickel project in Indonesia.
MIGA’s Board of Directors approved MIGA’s support to the feasibility phase of the project on July 13, 2010 and MIGA signed a contract of guarantee with the investor on August 11, 2010. MIGA’s coverage of $207 million is for a period of up to three years against the risks of transfer restriction, expropriation, breach of contract, and war and civil disturbance.
MIGA has conducted site visits and extensive environmental and social due diligence related to this phase of the project. All project documentation is provided below:
Project Brief, posted August 16, 2010
News Brief on approval by MIGA's Board for MIGA's support to the PT Weda Bay Nickel Feasibility Study, posted July 13, 2010
Summary of MIGA Environmental and Social Due Diligence in English, in Bahasa Indonesia, posted June 25, 2010
Summary of Proposed Guarantee, posted April 28, 2010