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Article: PAPUA NEW GUINEA: Construction plans for proposed $788,000,000 nickel mine development project, CHINA METALLURGICAL CONSTRUCTION CORP. (CMCC) [China] Order #: 108305.
- Article from:
- WWP-Report on Engineering Construct & Plant Operations in the Developing World
- Article date:
- October 1, 2005
CopyrightCOPYRIGHT 2005 Worldwide Projects, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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PROJECT OVERVIEW:
World nickel prices are up more than 3-fold since 2001 and the metal is now selling for around $13,800 a ton on the London Metal Exchange (LME). Rising prices are in response to strong demand from China for the metal, which is used to add shine and toughness to stainless steel. As a result, Australia-based HIGHLANDS PACIFIC LTD. the owner of its long-dormant Ramu nickel mine in Papua New Guinea has now agreed that CHINA METALLURGICAL CONSTRUCTION CORP. (CMCC) will acquire an 85% stake in the property and be responsible for 100% development financing.
According to a HIGHLANDS Company Spokesman the cost to develop the project located ...
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