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SEOUL -(Dow Jones)- Posco (005490.SE) mentioned Tuesday that its nickel-mining joint venture in New Caledonia will virtually double nickel manufacturing by 2014, assisting to supply a steady supply of the crucial uncooked content for the South Korean steelmaker. "Securing nickel is very important to the stainless metal organization because of to its price tag volatility in world wide markets," Posco stated in a statement. Societe Nickel de Nouvelle Caledonie et Coree, a 49:51 joint business set up in 2006 among Posco and New Caledonia-primarily based nickel processor Societe Miniere du Sud Pacifique SA, will enhance nickel creation to 54,000 metric tons a year by 2014 from the current thirty,000 tons, Posco said. To procedure nickel transported from New Caledonia to be utilized in the manufacture of stainless steel items, SNNC options to make investments KRW480 billion ($ 448 million) to construct an further nickel-processing facility by 2014 in Gwangyang, South Korea, it explained. Posco at the moment has a domestic nickel-processing plant in Gwangyang. Nickel accounts for about 60% of manufacturing charge of stainless steel. Copyright &duplicate 2011 Dow Jones Newswires