9 Jun 2010

PNG liable to pay Ramu project's investors if work stops, says PM

8:53 pm on 9 June 2010

Papua New Guinea's Prime Minister says the government will be liable to repay the Ramu nickel/cobalt project's Chinese investors if work does not proceed as scheduled.

The Post Courier newspaper reports Sir Michael Somare staking PNG's reputation as an investment destination on Ramu's success.

He also says that Parliament passed the amendment to the environment laws to ensure the project proceeded while the courts dealt with the opposition by NGOs on the deep sea tailings.

Sir Michael says if the project is delayed it will cost the country money.

He says no other company was interested in developing the Ramu project until the Chinese Government stepped in.