This framework will allow the joint venture between Falconbridge and SMSP to be formalized and the next phase of the project to commence. The project is now in a position where the requirements to allow the project to proceed are now completed or will be completed by the end of the year.

134

The fundamentals for the nickel market continue to be positive and reinforce the requirement for the mining industry to develop new nickel resources to keep up with robust demand.

87