Ramu Pauses Operations Following Earthquake in Madang Province
Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) has recently announced that an earthquake of magnitude 6.7 struck Papua New Guinea (PNG) on October 7, 2023. The epicenter was located approximately 5 km south of Ramu Mine’s Basumuk HPAL plant, which is situated 56 km southeast of Madang. Despite the seismic event, the Ramu Mine personnel swiftly initiated a controlled plant shutdown to assess any potential damage and ensure the safety of all individuals on-site.
Fortunately, there have been no reports of casualties or serious injuries resulting from the earthquake. The mining operations have remained unaffected, demonstrating the resilience and integrity of the Ramu Mine team. The company is currently conducting a comprehensive inspection to determine the full extent of any damage and ensure the safe resumption of operations.
Nickel 28 Capital Corp. is a prominent nickel-cobalt producer, holding an 8.56% joint-venture interest in the Ramu Nickel-Cobalt Operation. This long-life and world-class operation, located in Papua New Guinea, contributes significantly to the company’s nickel and cobalt production. These metals play a crucial role in the global adoption of electric vehicles, making Nickel 28 an essential player in the industry.
In addition to its joint venture, Nickel 28 manages a diverse portfolio of 10 nickel and cobalt royalties across development, pre-feasibility, and exploration projects in Canada, Australia, and Papua New Guinea. This strategic approach allows the company to leverage multiple opportunities in the nickel and cobalt sectors, ensuring long-term growth and profitability.
While the earthquake in Papua New Guinea has presented challenges, Nickel 28 Capital Corp. remains committed to the safety and well-being of its personnel and the local community. The company’s thoughts are with the people of Madang and all those affected by the seismic event. Nickel 28 will continue to provide updates as further information becomes available.
It is important to note that forward-looking statements have been made in this announcement. These statements involve risks and uncertainties, and actual results may differ from those expressed or implied. Nickel 28 Capital Corp. is dedicated to transparency and will adhere to applicable securities laws, providing updates as necessary.
The TSX Venture Exchange and its Regulation Services Provider have not only accepted but also recognized the adequacy and accuracy of this release. Nickel 28 Capital Corp. is committed to maintaining the highest standards in its operations and communications with stakeholders.
In conclusion, despite the recent earthquake in Papua New Guinea, Nickel 28 Capital Corp. remains steadfast in its commitment to responsible mining practices and the well-being of its employees. The company’s joint venture in the Ramu Nickel-Cobalt Operation positions it as a key player in the production of essential metals for the electric vehicle industry. With a diverse portfolio of royalties, Nickel 28 is well-positioned for long-term success in the nickel and cobalt sectors.