PNG-China mine secures funding for 2009 launch
Updated
Papua New Guinea's Chinese-backed Ramu nickel and cobalt project has moved a huge step forward, securing $US1.4 million in funding.
The announcement was made by the junior joint-venture partner, Highlands Pacific, to the Australian Stock Exchange yesterday, and is seen as the final hurdle before the project can become operational.
The China Metalurgical and Construction Company, or MCC, is the largest of the four Chinese joint-venture partners.
Highlands Pacific's managing director, John Gooding, says things are now likely to move very quickly
"There will be a ramp-up in project activity - there's already been expended about $US350 million on the project so a lot of work has been done already, but there will be a ramp up in activity from now on until the end of commissiioning in 2009," he said.
