[SMM Nickel News] Nickel 28 Announces Proposed Expansion of Ramu Project, Capacity Expected to Double

Published: Apr 16, 2026 15:09

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Nickel 28 Capital Corp. said on April 15 that the operator of Papua New Guinea's Ramu nickel-cobalt project has submitted a Phase 2 expansion plan to the country's Mineral Resources Authority. The $1.6 billion project could double Ramu's capacity if completed, but still requires government approval of mining leases and permits.

Under the joint venture agreement, majority shareholder MCC must make a fair-market-value buyout offer to minority shareholders including Nickel 28. Minority holders who decline can either fund their share of expansion costs or face gradual equity dilution.

CEO Craig Lennon said Ramu's operations are stable and MCC is experienced. The company will evaluate all options under the agreement to maximize shareholder value.

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