Highlands Pacific Limited’s (ASX:HIG) joint venture partner and project manager PanAust Limited, a wholly-owned subsidiary of Guangdong Rising Assets Management Co Ltd, has lodged with the Mineral Resources Authority (MRA) of Papua New Guinea an amended Proposal for Development in relation to the Frieda River Project’s Special Mining Lease (SML) application.
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The 2018 Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) Ore Reserve estimate for the Frieda River Copper-Gold Project at September 2018 is reported according to the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). The 2018 HITEK Ore Reserve is supported by the Sepik Development Project Feasibility Study (Feasibility Study) completed in 2018. This Ore Reserve estimate replaces the 2017 HITEK Ore Reserve estimate.
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ASX_Appendix 3X_Initial Director’s Interest Notice_Ernie Gangloff
Highlands Pacific Limited (ASX:HIG) has noted recent media reports regarding a potential expansion of the Ramu nickel and cobalt project in Papua New Guinea, in which Highlands holds an 8.56% interest (increasing to 11.3% upon repayment of project loans to Metallurgical Corporation of China Limited (MCC).
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A strong operating performance at the Ramu Nickel and Cobalt mine has enabled Highlands Pacific Ltd (ASX:HIG) to report a net profit of US$36.1 million for the six months to June 2018, up from US$1.5 million for the prior corresponding half year.
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