The National mineral company, Kumul Mineral Holdings Ltd has signed a Memorandum of Understanding (MoU) with Ramu NiCo to establish a framework for cooperation and collaboration in metal downstream processing.
The signing was witnessed by Prime Minister James Marape, and other government leaders, including officials from Ramu NiCo and the Chinese Embassy.
The MoU signed by Kumul Minerals Holdings Ltd and Ramu NiCo marks a significant upgrade in the mutually beneficial collaboration between China and Papua New Guinea.
Chinese Ambassador to PNG, Zeng Fanhua when addressing the delegates said as a large Chinese investment local company, Ramu NiCo has the extensive experience in capital investment, project construction, and international operations in multi-metal mining.
Its parent company, China Minmetals Corporation, possesses robust capabilities across the entire mining industry chain, achieved a revenue of US$130 billion in 2023 and ranked 65th in the Fortune Global 500.
“Ramu Nico has successfully operated projects in Papua New Guinea for over 10 years. It stands as the largest nickel-cobalt mining investment project by a Chinese enterprise overseas and the most substantial Chinese investment in the South Pacific region to date.
“Over the past decade, Ramu Nico has fostered closer ties with local communities, facilitating creating thousands job local economic development, opportunities, and providing stable employment and income,” Mr Fanhua said
He added that Ramu NiCo is a key project in China-PNG cooperation and serves as an exemplary model of mutual cooperation under the Belt and Road Initiative.
Mr Fanhua further pointed out that China is willing to help PNG to establish and develop the domestic downstream processing industry through mutually beneficial cooperation.
In the joint statement between China and PNG, both countries agree to further strengthen the pragmatic cooperation in areas such as development of energy and mineral resources.
“We don't just talk, we take actions. The MoU signed between Ramu NiCo and Kumul Mineral Holdings is a tangible outcome that implements the consensus reached by the leaders of both countries.
“The two companies will focus on collaborative research, exchange of information and data, and explore the joint development of the downstream metal processing industry by leverage of the country's abundant mineral resources.”
He further stressed that by fully utilizing Ramu NiCo's integrated advantages in investment, construction and operation, the collaboration lays a solid foundation for further practical cooperation.
“I hope Ramu Nico will use the opportunity to showcase China's robust capabilities in the mining industry, deepening the collaboration with Kumul Mineral Holdings and achieve mutual success.
“I sincerely wish the implementation of more fruitful outcomes between China and PNG, not just limited to the Ramu Nico phase Il project, but also for other more nickel mining projects, enhancing more economic and trade exchanges and promoting more prosperous development of our two countries.”
Prime Minister James Marape welcomes the collaboration with Ramu NiCo and committed to support them to fully implement the finish product in the country.
“The Government is not here to play games but seriously working to implement our downstream policies and China has tapped into our policies as depicted in this signing.”
The signing also signifies the hard yards and focus by the Marape Administration to bring economic independence for the country.
The Prime Minister also mentioned that one of his agendas travelling to China recently was this signing of this collaboration.
He said he had consistently advocating for PNG moving into an export driven economy in all his overseas travels.
The MoU corporation study will commence soon after the signing whilst further updates will be made available as we move into exporting finished products from our raw materials.