Ramu denial of Russian partnership
Copyright 2000 Post-Courier (PNG)
December 8, 2000
RAMU nickel/cobalt project yesterday denied a Russian mining giant was preparing to buy into the billion-kina venture.
“There is no story in relation to the Russians,’’ Ian Holzberger said.
Mr Holzberger is the managing director of Highlands Pacific Limited, major partner in the Ramu project in Madang Province.
A report in the Australian Financial Review newspaper yesterday claimed that the Norilsk mining company of Russia was interested in becoming the third partner.
After declaring “no story’’ about the Russians, Mr Holzberger said the process of identifying a third joint venture partner in the project was ready to begin.
Mr Holzberger said, however, that this could not start until the state option and the Orogen options on Ramu were resolved and the joint venture equities including that of the landowners, were finalised.
Mr Holzberger said the Ramu joint venture had appointed Warrior, a division of Standard Bank of London, an international resource adviser, to help locate an additional joint venture participant.
“It is expected that once Warrior commences work, it will take around six months to identify an additional joint venture participant. As previously stated, it is expected that the equities will be in the following ranges, Highlands Pacific 22.5-35 per cent, Orogen Minerals 22.5-25 per cent, landowners 5 per cent and the new party 35-50 per cent,” he said.
“In the past, we have spoken to all the major nickel producers in the world and all the major mining houses to introduce Ramu to them but have to wait for permitting and the resolution of the State and Orogen options before entering into formal discussions,” he said.