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Minerals Fair
Chinese Miner Seeks Fair Go in Png
Chinese miner seeks fair go in PNG
CHINESE mining company Ramu NiCo says it will push ahead with developing the massive Ramu nickel-cobalt mine in Papua New Guinea despite the nickel price slump. However, a lack of PNG government support could undermine the project.
In Sydney for the Tenth Annual Papua New Guinea Mining & Petroleum Conference, Chinese Ramu NiCo president Madam Luo Shu called for more government support for the mine, especially in the context of plummeting nickel prices.
The Ramu nickel-cobalt project in Madang Province is under construction and on schedule for a late 2009 start-up, with the upcoming mine operated by 85% stakeholder MCC Ramu NiCo – a subsidiary of the China(cnmining) Metallurgical Construction Company – while Australia-listed, Brisbane-based Highlands Pacific has an 8.56% stake.
The Chinese foray into PNG mining has been far from smooth sailing, however, with the Madang Provincial Government raising concerns over the mine’s deep sea tailings placement plans for Basamuk Bay, although this has since been eclipsed by more recent events.
In August three Chinese workers were attacked by 100 armed disgruntled landowners and last month 84 Chinese workers were detained for breaching national immigration and labour laws.
Luo said the current investment climate was difficult and gave a curt reminder to law makers.
“All mining companies are now facing some more challenges and Ramu NiCo is no exception,” she said.
“Indeed we need more understanding and support from the government and we are calling for more business-friendly investment environment.”
On the sidelines on the conference, Luo told MiningNews.net the project was going ahead as the company was confident for the long run.
However, she said the Chinese consortium could pull out of the project under the combination of low nickel prices and a lack of support from the Madang Provincial Government.
Ramu Ni-Co expects the mine to increase PNG’s gross domestic product by 8-10%.
The mine is expected to produce about 32,000 tonnes of nickel and 3100t of cobalt a year over a mine life of more than 20 years.
PNG’s Mineral Resources Ramu owns 3.94% of the Ramu project and landowner company Mineral Resources Madang owns the remaining 2.5%
The Tenth Papua New Guinea Mining & Petroleum Investment Conference is being held at the Hilton Hotel in Sydney from December 1-3, and has set a new record with a total of over 800 delegates to attend for the three days.
About the Author
http://www.cnmining.org/news/?id=546
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