Ramu Pauses Operations Following Earthquake in Madang Province
October 10 2023 - 6:00AM
Business Wire
Nickel 28 Capital Corp. (“Nickel 28” or the
“Company”) (TSXV: NKL) (FSE: 3JC0) announces
that on October 7, 2023 at approximately 18:34 local time an
earthquake of magnitude 6.7 struck Papua New Guinea (“PNG”)
with the epicenter approximately 5 km to the south of Ramu Mine’s
Basumuk HPAL plant (56 km southeast of Madang). Immediately
following the earthquake, Ramu Mine personnel initiated a
controlled plant shutdown in order to address any issues and to
ascertain the extent of any damage that may have occurred as a
result of the incident. No casualties or serious injuries have been
reported, all operations have maintained integrity throughout the
incident and there is no known impact to the mining operations.
Once a full integrity inspection has been completed and full
system operations can be reasonably assured, the Ramu Mine intends
to re-start operations. During these challenging times, the
Company’s thoughts are with the people of Madang and all those
affected by this earthquake. The Company will provide an additional
update once further information is available.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its
8.56% joint-venture interest in the producing, long-life and
world-class Ramu Nickel-Cobalt Operation located in Papua New
Guinea. Ramu provides Nickel 28 with significant attributable
nickel and cobalt production thereby offering our shareholders
direct exposure to two metals which are critical to the adoption of
electric vehicles. In addition, Nickel 28 manages a portfolio of 10
nickel and cobalt royalties on development, pre-feasibility and
exploration projects in Canada, Australia and Papua New Guinea.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes
“forward-looking statements” and “forward-looking information”
within the meaning of applicable Canadian securities laws. Any
statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are often identified by
terms such as “may”, “should”, “anticipate”, “expect”, “potential”,
“believe”, “intend” or the negative of these terms and similar
expressions. Forward-looking statements in this news release
include, but are not limited to: statements with respect to the
impact of the earthquake on the Ramu Mine; and statements with
respect to the status of operations at the Ramu Mine the re-start
of operations at the Ramu Mine (and the potential timing thereof).
Readers are cautioned not to place undue reliance on
forward-looking statements. Forward-looking statements involve
known and unknown risks and uncertainties, most of which are beyond
the Company’s control. Should one or more of the risks or
uncertainties underlying these forward-looking statements
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results, performance or
achievements could vary materially from those expressed or implied
by the forward-looking statements.
The forward-looking statements contained herein are made as of
the date of this release and, other than as required by applicable
securities laws, the Company does not assume any obligation to
update or revise them to reflect new events or circumstances. The
forward-looking statements contained in this release are expressly
qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. No securities regulatory authority has
either approved or disapproved of the contents of this news
release.
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version on businesswire.com: https://www.businesswire.com/news/home/20231010718808/en/
Investors: Justin Cochrane, President Tel: + 1 289 314
4766 Email: info@nickel28.com
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