THE world market price is unfavourable to the Ramu NiCo project, which is plagued by technical and financial problems, board chairman and president Zhao Shimin said.
Despite that, he said the company was determined to push production to 70% of its plant capacity this year with help from stakeholders.
Shimin presented a summary of project update during Ramu NiCo’s 19th joint venture meeting in Madang recently, attended by management team from Kurumbukari (KBK) mine, Basamuk refinery and Madang base.
There were no Beijing executives present
While acknowledging outside factors were affecting nickel metal price, Shimin said the project expected that the world nickel prices would be favourable during the second half,
He said the company expected to make some positive progress.
Shimin gave an update on general production management, including personnel adjustment and production targets for the next quarter, which was expected to be favourable if all technical bottlenecks were improved.
Shimin presented summary of the project layout for this and assured that suggestions and advice provided by the joint ventures would be taken on board to overcome some of the pending issues.