Highlands Pacific records K100m profit

Business

HIGHLANDS Pacific Ltd has recorded a net profit of $37.4 million (K118.9 million) in the last financial year.
This compares to a loss of $15.8 million (K50.2 million) the previous year.
The profit follows an increase in the valuation of the interest in the Ramu nickel cobalt mine.
Chief executive Craig Lennon said Highlands was pleased with the operating performance of the Ramu operation in the last financial year.
“The outlook for Ramu remains very favourable over the medium term, with ongoing advances in battery technologies and electric vehicle production likely to underpin continued strength in nickel and cobalt prices,” he said.
“While many other companies are now aspiring to become producers of battery metals in the coming
years, Ramu is already one of the largest producers of cobalt in the world. And it has a potential mine life of more than 30 years ahead of it.
“Highlands is perfectly placed to benefit from future growth in demand for nickel and cobalt. And we have major exposure to copper and gold through our 20 per cent interest in the giant Frieda River project, as well as our 100 per cent ownership of the exciting Star Mountains exploration project.
“We are entering 2018 with confidence and we look forward to reporting further progress in the development of our projects in the current year.”
Ramu’s production went up by
55 per cent or 34,666 tonnes of nickel last year compared with the previous year. Cobalt production increased to 51 per cent or 3308 tonnes.
The firm’s operating costs last year decreased to $2.9 million from $4.3 million in the prior year.