Gooding unveils forecast on Ramu project output

THE Ramu nickel cobalt project jointly operated by Metallurgical Corp of China (MCC), Highlands Pacific Ltd (HPL) and other smaller miners is forecast to produce 143 million tonnes of high-grade minerals over its lifespan of more than 27 years.
The reserves boast of 1.01% nickel and 0.10% cobalt, chief executive John Gooding told an annual general meeting last week in Port Moresby.
He told shareholders the Ramu project was a ‘world-class project that will have greater returns”.
Gooding said the five-year average Ramu nickel price was US$10 (K28.25) per pound or K28 billion with a cost indicative of US$4.10 (K11.58) per pound, equivalent to K11.5 billion.
He said the Ramu project was “exciting and will contribute to the well- being of many Papua New Guinean as well as the shareholders.
“It’s a testament to our partners who have worked hard to overcome many obstacles,” he said.
Gooding warned  there were people out  to destroy the project’s reputation.