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Ramu Nickel Mine sets target

Staff Reporter | 9:00 PM | |
Papua New Guinea's only developer and exporter of nickel and cobalt, Ramu Nico Management Limited, has made a commitment to reach 70 percent of design capacity, this year.

Company Board Chairman and President, Zhao Simin made this announcement, following the successful achievement of 50 percent design capacity target, set in October and November last year, despite the depressed world nickel and metal prices and technical bottle neck, the company current faces.

Mr Zhao says the company's goal for 2014 is to add to the progress achieved last year and to reach 70% of designing capacity while creating more benefits to the people and communities and reducing the company's environmental impact.

As Chairman, Mr Zhao assures that the company is committed to the long term success of the project and that its Chinese in PNG's stakeholders are standing firmly behind the company.

However, Mr Zhao highlighted that the road to achieving the target design capacity is challenging with the drop in nickel market prize from 17 thousand U.S dollars to 14 thousand dollars per tonne resulting in huge loss due to huge consumption and low production.

Meanwhile, Mr. Zhao says the management is confident the company, will overcome the technical bottle neck it is facing and its current production, with support from its partners.

Ramu Nico is among the top five producers of nickel producers in the world, with its first production last year.