* PNG hopeful Highlands Gold (HIG, 5c) holds roughly $37 million of cash, equivalent to around 5.5c a share.
Highlands thus is a free ride on the $US1.37billion Ramu Nickel Project in PNG, which starts production late next year. HIG has an 8.5 per cent stake in the project, rising to 20.55 per cent. The project, we add, has attracted stiff opposition from some locals.
Highlands also holds 16 per cent of Xstrata's less developed Frieda Riverproject, with a current $US30 million ($45 million) exploration program under way.
Given the dire short-term commodities outlook, investors could well ponder why boards don't simply hand the cash windfall to shareholders and head off for golf. But such a defeatist attitude is hardly in spirit with the sector's indefatigable thirst for the next monster lode.
HIG Price at posting:
4.8¢ Sentiment: LT Buy Disclosure: Not Held
