The project valued at $1.5bn is a joint venture project of Ramu Nickel Limited, a subsidiary of Highlands Pacific, with Chinese Metallurgical Group that holds a majority stake and other companies such as Mineral Resources Ramu Limited, Mineral Resources Madang Limited.
Highlands completed construction of the project in 2011 and is currently undergoing a phased commissioning process.
The company currently owns a 8.56% stake in the project that could increase to 11.3% on repayment of the existing debt.
An option exists for the company to acquire an additional 9.25% stakes in project at market value, thereby increasing company’s interest in the mine to 20.55%.
