President on hand to witness Ramu Nico expansion signing
The RAMU Nico Project in Madang Province was given special attention during the state visit by Chinese President, Xi Jinping when he, along with Prime Minister Peter O’Neill, were present to witness the signing of the memorandum of understanding (MOU) for the Ramu Project Expansion.
The MOU signing of the Ramu Project Expansion was between the Chairman of the China Minmetals, Tang Fuping and the PNG Minister for Mining Johnson Tuke.
The China Minmetals MCC will invest US$ 1.5 billion, which is about K4.8 billion in the Ramu NiCo Project expansion.
This is a massive project expansion, which will increase the company’s production capacity and reduce operational cost.
The project expansion will during the construction phase provide casual employment for more than 3000 local workers. It is anticipated that more than 1000 permanent job opportunities will be provided for locals in the area.
Furthermore, the expansion is expected to support cash flow within the project area and create business spin-offs for the locals.
It is expected to improve the living condition for people associated with Ramu Project via direct and indirect benefits.
The Ramu NiCo project expansion also marks another new era in the mutual relations and cooperation between China and PNG.
It is another new milestone for the Ramu Project since the company started commercial production in 2013 and achieving its name-plate production capacity in 2016.
The signing of the Ramu Project Expansion MOU compliments China’s “One Belt, One Road” initiative which President Xi had ultimately set the pace on broadening the relationship between both countries.
The Ramu NiCo project being the largest Chinese investment in the Pacific region is obligated to enhance the relationship between China and PNG.
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