Highlands Pacific Ltd would like to correct false and misleading information being promulgated on
certain websites and blogs in regards to the fully constructed US$1.5 billion Ramu Nickel Cobalt Project
in PNG.
There has not been an injunction placed on the project.
The Supreme Court yesterday heard an injunction application by the unsuccessful plaintiffs in the DSTP
case decided by the National Court last week. The Chief Justice declined to hear the application yesterday,
and decided that he would convene a full bench to hear the application on 19 August 2011.
On the 19th August 2011 the Supreme Court will be hearing the plaintiff's application for an injunction.
There is no injunction currently in place. While the plaintiffs have also appealed last weeks National Court
decision in the Supreme Court there is no date set down for hearing this appeal as yet.
At today's hearing the operator / manager, Ramu Nico Management (MCC) Limited, undertook to the
Supreme Court that current work and commissioning tasks would not involve the use of the Deep Sea
Tailings Placement (DSTP) system to discharge tailings anyway between now and the 19th August 2011 and this was noted by the court.
Managing Director of Highlands Pacific Mr John Gooding said: "It was expected that the plaintiffs would
appeal the National Court decision. At this stage we do not believe the project will be further delayed by
these legal actions and we remain confident that the decision in the National Court will be reaffirmed if
challenged. There remains strong support for the project and we do believe ultimately the right decision
was made by the National Court in allowing the project to proceed to production."
"Also recent comments by some Australian politicians regarding legislating Australian companies working
overseas shows a lack of understanding that Highlands Pacific is a PNG registered and incorporated
company. We have approximately 1,500 direct PNG shareholders and through PNG superannuation fund's
investments in Highlands we would have tens of thousands of indirect PNG shareholders."
About the Ramu Nickel Cobalt Project
The Ramu nickel project is located 75 km west of the provincial capital of Madang, PNG and will produce
an annual output of 31,150 tonnes of nickel and 3,300 tonnes of cobalt contained in high grade
concentrate over a 20 year mine life. The mineral resources at Ramu have the potential to increase the
mine life by a further 15‐20 years. Highlands 8.56% interest in the Ramu will increase to 11.3% at no cost
after repayment of the project debt (estimated to be 8 years). From commissioning, Highlands has access
to its pro‐rata 8.56% share of Ramu's post‐debt servicing net cash flow. Highlands also has an option to
acquire an additional 9.25% at fair market value which could increase its interest to 20.55%.
For further information, please contact:
John Gooding or Craig Lennon
Highlands Pacific ‐ 07 3239 7800
Media Enquiries to:
Simon Jemison
Collins St Media ‐ 03 9224 531
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