A South Korean consortium led by Hyundai Corp., a local trading company, was picked as the prime bidder for a 2 percent stake in a nickel mine in Madagascar, Hyundai said Monday.
The consortium, which was formed with Hyundai Heavy Industries Co., will buy the stake in the mine in Ambatobi, Madagascar, from the state-run Korea Resources Corp. (KORES), Hyundai said.
KORES, which holds a 22.5 percent stake in the mine, put a 5.5 percent interest up for sale.
The Ambatobi nickel mine will produce 60,000 tons of nickel annually for 27 years from February of next year, Hyundai said.