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Ramu NiCo off-loads K60m spin-off benefit to landowner companies

Staff Reporter | 5:36 PM |
 RAMU NiCo Management Ltd says it has off-loaded spin-off benefits to landowner companies with revenue from contracts worth more than K60 million from 2006 to September this year.
Ramu NiCo is the developer of the US$2.1 billion (K6 billion) nickel and cobalt project in Madang.
The project achieved more than 90 per cent designed capacity despite challenges such as the low nickel metal price, social uncertainty including the recent El Nino.
The company management said in a statement: “Despite the ongoing challenges, Ramu NiCo continues to fulfill all its requirements under the project memorandum of understanding, and outside the memorandum commitments. We have also paid land compensation to our landowners, delivered business spin-offs and recently delivered a K500,000 cheque to the Ramu Development Foundation.
“Despite market challenges, Ramu NiCo always try to create huge opportunities to benefit the landowners by off-loading spin-off business opportunities to landowner companies.
“The contracted revenue from the project has reached more than K60 million from 2006 to September this year.
“We are committed and ask the responsible statutory organisations and stakeholders including the project landowners and employees to support the project. The project is also retaining all its employees during this world commodity price crisis.
“It continues to strive in its daily operations with consistency and stability by fostering a safe and healthy working environment.”
The company urged landowners and state to support the mine.