TOKYO Oct 25 Sumitomo Metal Mining Co
and Mitsui & Co said on Thursday that their investment
in Vale's New Caledonia nickel cobalt project will
fall to a collective 14.5 percent from 21 percent on
bigger-than-expected repair costs.
The two and Vale Canada, a unit of the Brazilian mining
giant, agreed that Sumitomo Metal and Mitsui would not pay more
than $4.6 billion towards the project, which has fallen behind
schedule due to equipment trouble, the two firms said in a
Mitsui and Sumitomo Metal hold an option to raise their
stake in the project to 21 percent in the future, the two said.