27 Mar 2000asset acquisition disposition● NeutralMajor
Nord Pacific (the predecessor filer of this company's history) closed the sale of its 31.5% stake in the Ramu nickel-cobalt project in Papua New Guinea to Orogen Minerals on March 10, 2000. It received US$5 million at closing, with two further US$250,000 payments due on completion of financing and on start of commercial production. The deal also settled disputes with Highlands Pacific, the 68.5% owner, and the company expects a loss of about $4.7 million, booked in Q4 1999; proceeds are to reduce liabilities and boost cash.