The New Zealand Herald has reported that Pacific Fibre's 5-terabit Sydney-Auckland-Los Angeles fibre link is a large step closer to realisation after signing up Singapore and Hongkong-based Pacnet as an equal partner. Pacnet already operates a 36,800 km submarine cable network in Asia. The project is now estimated to cost $USD400 million ($NZD550 million), down from an estimate of $USD650 million.
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