Mobile financing is an alternative financing method that allows investors to trade at discounted prices as a preliminary payment. Cobalt27 stated that it had entered into a $1133.3 million contract with Highland Pacific Ltd. to purchase cobalt and nickel products from mines in Papua New Guinea held by Australian mining companies.
Pacific Highlands stated that Cobalt27 had conducted further trade negotiations with other owners of the Ramu mine on the northern coast of Papua New Guinea worth $87 million. Both deals can be financed from cash or new debt financing.
The deal allowed Cobalt27 to purchase 55 % of the cobalt resources of the Pacific Heights and 27.5 % of the nickel production. This also means that Cobalt27 will receive about 450,000 pounds of cobalt and 2.25 million pounds of nickel from Ramu each year.
In this transaction, Pacific Heights's ownership of the Ramu mine will increase from 8.56 to 11.3. The mine is controlled by China Metallurgy Co., Ltd. and owns a majority stake. Other shareholders include the Papua New Guinea government and other Chinese investors.
The page contains the contents of the machine translation.
