Sydney, Feb. 5 (Dow Jones) - Papua New Guinea-based mining company Highlands Pacific Ltd. (HIG.AU) said Thursday it has yet to conclude an agreement that would see it hand over control of the Ramu nickel project in PNG's Madang province to China Metallurgical Construction Corp.
Highlands Pacific, which currently owns 68.5% of Ramu, has been seeking a new joint venture partner to advance the long-delayed project towards development.
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Managing director Ian Holzberger told Dow Jones Newswires from the company's Brisbane office that government-owned CMCC is one of the companies Highlands Pacific is talking to.
But he suggested there are other parties interested in Ramu as well.
"Until there's a contract in place, it could be any one of a number of parties," Holzberger said when asked if someone other than CMCC could still end up with control of the nickel and cobalt mine.
Earlier Thursday, an official with CMCC in Beijing told Dow Jones Newswires that the company plans to acquire the mine. He said negotiations on the final price tag for a roughly 70% stake in Ramu were ongoing, with an initial estimate pegging the cost at US$650 million.
Holzberger declined to comment on when a deal might be concluded.
Nicholas Sinclair, Dow Jones Newswires, 612-8235-2957
