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Business |
Ramu nickel project being rushed
NICKEL price has soared in recent
years following an increasing demand spurred by China’s
industrialisation programme.
Because of this, the China Metallurgical Construction Corp (MCC)
is working under tight schedule to bring on production at Ramu,
targeting a 2009 start of nickel and cobalt production.
This would mean an 8.65% interest for Highlands Pacific
shareholders when the Ramu project comes into production with a
further opportunity to boost this interest to 20.55% down the
track with Highlands being a joint venture partner with MCC in
the nickel cobalt project.
Highlands Pacific Ltd chairman Robert Bryan gave hope to the
company’s shareholders after much debate about falling
production performance of the Kainantu gold mine.
He said he implication for Highlands was that its interest in
Ramu is looking more attractive by the day.
From an average of around US$15,000 (K47,000) per tonne in 2005,
nickel is now fetching US$50,000 (K157,000) per tonne on the
world’s market today,” Mr Bryan stressed.
MCC had come under some criticism regarding working conditions
onsite at both the mine site at Kurumbuakari and the plant site
at Basamuk that has been closely monitored by Highlands.
“It is pleasing to note the overall improvement in these areas
and the commitment of MCC to strengthen its ongoing
relationships with the project landowning community, the
business community and all levels of government,” Mr Bryan
noted.
 
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