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China bid on Ramu mine

THE China Metallurgical and Construction Company (MCC) is finalising required approvals to expedite mining nickel from the Ramu mine.
Part owner of the multi-billion kina Ramu Nickel/Cobalt project, Highlands Pacific Limited, said in their June quarter report that MCC had also been updating a review of the Ramu feasibility study.
Industry sources said the project would go into construction earlier than planned as the Chinese Government-owned company had shown great interest in the project and had stepped up its momentum to enter front end engineering and design phase soon. They said that was all they could say at eh moment.
Under the master agreement signed in March this year, MCC had the right to an 85 per cent interest in Ramu while Highlands Pacific will have an initial 8.5 per cent carried interest in Ramu.
This will increase to 11.30 per cent at no cost to the company after debt for the financing of the project has been repaid.
The agreement sets out the commercial terms and conditions for the development of the Ramu nickel/cobalt project and includes a joint venture agreement.
Under this agreement, MCC has a 180-day exclusive right period to take up an 85 per cent equity interest in the project.
This exclusive right expires on September 26 this year.
MCC is a major state-owned Chinese engineering and construction company which has been involved in the development of major projects, including mining in Asia and Africa.
Meanwhile, Highlands Pacific Ltd reported to the Port Moresby Stock Exchange that their Kainantu gold mine was 65 per cent completed by the end of the June quarter.
They said commissioning of the mine was expected next month.
Highlands Pacific Ltd said underground development continued over multiple headings with total advance for the quarter at 959m.
“The development of a second means of access in the upper levels of the mine during the quarter has increased the number of workers permitted underground and has improved ventilation,” the company said.
“This will result in significant increased development rates.”

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H’lands Pacific spends K31.76m on Kainantu

MINERAL exploration and mining company Highlands Pacific Limited spent $US9.78 million (K31.76 million) as development expenditure on its Kainantu gold mine in the June quarter.
Exploration expenditure managed by Highlands Pacific Ltd in the last quarter $US2.63 million (K8.53 million) of which $US2,222,000 (K7.21 million) was spent on the Frieda River gold and copper exploration project funded by Noranda, $US273,000 (K886.363) was spent on the Ramu Nickel/Cobalt project funded by Highlands Pacific and $US150,000 (K487,000) was spent on the Kainantu project.
Highlands Pacific funded the Ramu and Kainantu exploration activities.
The company also spent $US180,000 (K584,415) on other exploration expenditure during the June quarter.
At the Kainantu gold mine, in the Eastern Highlands Province, construction activities during the June quarter saw the preparation of the tailings storage facility in readiness for the installation of the liner, completion of all major concrete works in the process plant, relocation of the power generation to the process plant and commissioning of the fire water lines and completion of 90 per cent of all project support buildings.
First production of gold from the Kainantu project is expected in the fourth quarter of this year and the company is on track to meet that target.
Highlands Pacific Ltd holds a 756sq m area under for exploration licences surrounding the Kainantu gold field and are highly prospective for high grade shear hosted gold veins similar to those in the mine development at the Irumafimpa.