A leading Papua New Guinea geologist says the Ramu Nickel mine has been massively undervalued and is another example of the “broad daylight rape” and exploitation of Papua New Guinea’s resources.
He claims the US$34 billion mine has been sold to the Chinese for just 5% of its true value.
“Sadly, the [PNG] government is continuously under selling multi-billion-dollar resources because it lacks analytical skills” says geologist Jerry Barry in a story by Mohammad Bashir in today’s Post Courier newspaper. This lack of knowledge and skills is further compounded by greed and ignorance says Barry
Mr Garry estimates the Ramu Nickel mine is worth $US34 billion and not $US1.7 billion as is commonly reported.
(Source: Postcourier, 29 Jan 10, Ramu mine ‘worth K92b’By MOHAMMAD BASHIR)
The LNG project which is gaining momentum and refered to many as the "economic saviour" of PNG is valued around US$16 Billion. How do we know that this is the true value. With the Geologist report on the Ramu Nickel and Cobalt Mine, these draws a major concern in the natural resource sector.
The Chinese State Owned Company - Chinese Meterlugical Construction Company (CMCC) owns 85 percent of the mine. Unfortunately I do not have the figures of the shares of the LNG project, but am sure it will be similliar. What do we get from all these mineral resource development going on? Its a shame for the government to allow this to happen in this country. This is CORRUPTION!!
The Somare Government has proved to be the worst salesmen of the PNG rich heritage. The National Alliance Salemen are selling our rich wealth cheaply, and who knows, how much they are making for their commissions.
While minerals and other naturals are getting scares across the globe, it would mean in simple economics that, when the demand is high and the supply is low, the prices go up. But we are seeing the total opposite in this country. We are SOLD very CHEAP!!!