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October 23, 2021
Business Momase News

Ramu NiCo presents half a million to Ramu Dev. Foundation


By Jack Lapauve Jr – EMTV,  Port Moresby

The developer of the Ramu nickel and cobalt project in Madang province, Ramu NiCo Management (MCC) Ltd, has presented a cheque K500, 000 to Ramu Development Foundation over the weekend in Madang.

The funding fulfills the Ramu NiCo Project Memorandum of Agreement (MOA) as a one-off seed capital to establish, operate and manage the foundation.

Madang Provincial Government established the foundation for the purpose of implementing projects funded by them and from the benefits derived from the mine, such and the Special Support Grant (SSG) and Tax Credit Scheme (TCS).

When presenting the cheque on behalf of Ramu NiCo, Vice President, Wang Baowen, said Ramu NiCo values the close working relationship with the Madang Provincial Government, important government agencies and other stakeholders for the common benefit of the province and the project.

However, he acknowledged that the production achievements have come at a price, including the tough economic situation, poor infrastructure and numerous social uncertainties.

“There has been huge developments taking place in Madang, and PNG, but there is a need for the upgrading of major infrastructure for the benefit of the majority. [We] hope the Foundation can deliver some of these services,” Wang said.

Deputy General Manager of Community Affairs, Yuan Zhi, said there is a special need for government services delivered to community level in the Ramu NiCo Project impacted districts of Usino-Bundi and Rai Coast, and the newly established foundation will be the driving vehicle.

Several other infrastructure programs, education programs, economic development programs, community development and sustainable development programs under the MOA have not being implemented by Madang Provincial Government and the new foundation will now aim to deliver these outstanding developments.

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