2014 Profit

At least it's a profit even if the figures are jiggled a bit
Highlands Pacific Ltd records US$7.6 million profit
Source:
The National, Wednesday April 1st, 2015
PNG focused mining and exploration company Highlands Pacific Ltd has reported a profit of US$7.6 million (K20.3m) in the last financial year.
The profit included a US$15 million (K40m) return value for the company’s investment in the Ramu nickel mine in Madang which has come as a gain in earnings after it made a loss of US$37.2 million (K99.4m) in the previous year. According to Highlands Pacific, its interest in Ramu nickel mine in Madang has been increased to US$50 million (K133m) from US$35 million (K93m) due to improving production rates, a better outlook  for nickel prices in the medium term and a revised financing structure whereby the company would gain access to earlier cash flows.
Managing director John Gooding said 2014 had been a year of substantial operational progress for HPL’s nickel, copper and gold projects in PNG.
“The turnaround in the financial results is encouraging and largely reflects the improvement in outlook for Ramu, which achieved its first operating surplus in 2014.
“Ramu is continuing to ramp up steadily to full production in 2016, as nickel prices are forecast to increase,” he said.
Highlands Pacific will look to increase its current interest in Ramu from 8.5 per cent to 11.3 per cent after repaying its share of the project debt.
Gooding said the company has  seen major developments in their Frieda River, Sewa Bay (Milne Bay) and Star Mountain projects in the country.
“At the exciting Star Mountains project, Anglo American became our joint venture partner and is soon to commence an important exploration drilling campaign to test new targets being identified.
“We continue to believe that Star Mountains has the potential to be a major copper-gold project,” he said.


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