ramu comparison

Ramu has very similar total Ni Resource at about US$25 billion assuming Ni Price $8/pound.

However average grades are higher at 1% with higher Cobalt as well.

Ramu is all systems go with Chinese backing.

Similar distance from the coast and terrain as far as I can see.

Highlands Pacific has sold it off but still retains 8.56% with clawback provisions.

HIG market cap $224 million.

Obviously everyone involved thinks Ramu is feasible. The question is - is the Wowo feasible at 0.8% Nickel? I guess this is why RMI has a market cap at present of only $10 million.

Add to the picture the fact that there is likely to be a resource extension of similar grades - they are still drilling.

If you believe Nickel prices will go higher - then yes, Wowo is definitely feasible.

There is already a model to work off - ramu.

Ramu fact sheet:


The Ramu Project, located 75 km south west of the provincial capital of Madang in PNG,
contains an estimated resource of 143 million tonnes at 1.01% nickel and 0.1% cobalt. The
project is currently in development with commissioning of the mine site to be completed in
early 2009 and commissioning of the process plant to be completed in late 2009.
The project will have annual output of 31,150 tonnes of nickel and 3,300 tonnes of cobalt
contained in a high grade intermediate product over a 20-year plus mine life. Resources not
yet converted to reserves have the potential to increase mine life by a further 15-20 years.
Ore will be beneciated at the mine site with the upgraded ore pumped through a 134 km
slurry pipeline to the renery at Basamuk Bay from where the nished product will be
exported.
Joint Venture Structure and Terms
On 26 September 2005, the Chinese Metallurgical Group Corporation (“MCC”) exercised its
option to take an 85% interest in the Ramu project as part of an agreement to develop the
project. In October 2007 MCC sold down its interest to three major Chinese otake
companies. The current ownership structure is:
85.00% Chinese Syndicate 61.00% MCC Ramu NiCo Limited (a subsidiary of MCC)
13.00% Jinchuan Group Limited
13.00% Jinlin Ji’en Nickel Industry Corporation Limited
13.00% Jiuquan Iron and Steel Group
8.56% Ramu Nickel Limited (a subsidiary of Highlands Pacic)
3.94% Mineral Resources Ramu Limited (a subsidiary of MRDC)
2.50% Mineral Resources Madang Limited (a landowner company)
February 2008
RAMU
FACT SHEET
MCC is a major Chinese State-owned construction and operating company with
assets of over USD8.5 billion, over 70 subsidiaries and more than 47,600
technical and managerial employees. The company grew rapidly through the
involvement in the construction of many China’s major steel plants. It has since
diversied into a range of sectors including the construction and operation
in the chemical, non-ferrous and mining sectors in China. More recently, it
has been involved in construction and resource development outside China.