PNG Positioning Itself As Cobalt And Nickel Prices On The Rise

Ramu Nickle project in Madang Province considered a PNG success story now that it is producing at capacity

By Yombi Kep

PORT MORESBY, Papua New Guinea (PNG Post-Courier, September 11, 2017) – As countries pledged to ban the sale of petrol and diesel cars in an attempt to cut toxic vehicle emissions, it paves way for battery powered vehicles which in turn places a demand on battery makers to secure supplies of cobalt and nickel.

“Battery market is causing huge demand for Nickle and cobalt,” said Craig Lennon the Managing Director and Chief Executive Officer of Highlands Pacific Limited at the Papua New Guinea Investment Conference.

As the demand for cobalt and nickel is growing, there is a supply shortage which means cobalt and nickel prices are rising, the price for cobalt has doubled.

“Cobalt prices are rocketing, copper and nickel also rising,”

Mr Lennon revealed that Ramu Nickle in the Madang province produces preferred MHP products for some battery manufactures, producing 32 600 tones of nickels for just this year alone, making it a success story.

“Ramu Nickle project in PNG is a PNG success story and it is now producing at capacity.”

The hopes of both battery and vehicle manufacturers hang on the mining sector finding more deposits of these precious minerals.

PNG Post-Courier
Copyright © 2017 PNG Post-Courier. All Rights Reserved

 

Rate this article: 
Average: 5 (1 vote)

Add new comment