Conic Metals group reported that Ramu Nickel-Cobalt mine in Papua New Guinea has produced 33,659mt of nickel in 2020, which is 103pc higher than its nameplate capacity, according to a press release.
The report stated that the mine produced 2,941mt contained cobalt in its mixed hydroxide product (MHP), the key raw material to produce nickel sulphate which is used to produce lithium-ion batteries for electric vehicles.
In H2 (July-December) Ramu produced 17,421mt of contained nickel, up 7pc from the previous year. Nickel prices were much stronger in the second half of the year with LME prices averaging $6.84/lb compared to $5.66/lb in the first half, marking a growth of 20pc. Current LME nickel prices are trading above $7.50/lb.
Conic owns an 8.56pc joint-venture interest in Ramu which is operated by the Metallurgical Corporation of China (MCC). Conic had reported in the end of December that Ramu nickel mine was likely to exceed its annual capacity for the fourth consecutive year.