A new agreement between Kumul Minerals Holdings and Chinese company Ramu Nico Management has been hailed a signing of “historical significance” for nickel and cobalt by PNG Prime Minister James Marape.
Ramu Nico Management is the majority partner in the $US1.2 billion Ramu nickel-cobalt mine near Madang. The new memorandum of understanding signed between the companies further encourages Chinese involvement in downstream processing in PNG, particularly in the nickel and cobalt spaces.
“Our government has been resolute in its desire to transition from being a raw produce exporter to an exporter of finished products,” Marape said.
“I am pleased to see this vision materialise through the swift response and commitment shown by Ramu Nico Management, following instructions from the Chinese Government.”
Marape met with Chinese President Xi Jinping in October 2023 to discuss opportunities for China to invest in various sectors across PNG, including agriculture, fisheries, and forestry.
“I thank the Chinese Government and Chinese companies for recognising the imperative for Papua New Guinea to build a robust and diversified economy through downstream processing,” Marape said.
“I extend an invitation to more Chinese companies to come and partner with us in the downstream processing space.”
Subscribe to PNG Mining and receive the latest news on product announcements, industry developments, commodities and more.
