KUMUL MINERALS HOLDINGS LIMITED ACQUIRING INTEREST IN THE RAMU NICKEL COBALT JOINT VENTURE
The Independent Consumer and Competition Commission (“ICCC”) wishes to inform relevant industry stakeholders and the public that it has received a Clearance Application from Kumul Minerals Holdings Limited (“KMHL or the Applicant”), in respect of its proposed acquisition of 1.97 percent (%) participating interest in the Ramu Nickel Cobalt Joint Venture (“Ramu Nickel Project”) from Mineral Resources Ramu Limited (“MRRL”) (the “Proposed Acquisition”)
The Ramu Nickel Project is a major nickel and cobalt mining operation operated by MCC Ramu NiCo Limited, a subsidiary of China Metallurgical Group Corporation, which holds an 85% participating interest in the Project. The remaining interests are held by Ramu Nickel Limited (8.56%) and Mineral Resources Development Company Limited (“MRDC”) (6.44%).
MRDC’s 6.44% participating interest in the Ramu Nickel Project is held through its wholly owned subsidiaries, Mineral Resources Ramu Limited (“MRRL”) and Mineral Resources Madang Limited (“MRML”), with 3.94% and 2.50% participating interests, respectively. The Proposed Acquisition relates to MRRL’s 3.94% interest, whereby KMHL proposes to acquire 1.97% of it.
Post-acquisition, KMHL (the State’s nominee mining company mandated under the Kumul Minerals Holdings Limited Authorization Act 2015 (“the KMHL Act”) to hold and develop mining interests on behalf of the Independent State of PNG), would hold 1.97% participating interest in the Ramu Nickel Project, while MRDC will retain a 4.47% participating interest through MRRL and MRML.
The ICCC is therefore seeking comments and submissions on whether this Proposed Acquisition would raise any serious competition concerns under the Independent Consumer and Competition Commission Act 2002 (“ICCC Act”). Please provide your comments if you think this proposed acquisition would lessen competition in any markets in PNG.
All comments and submissions must reach the ICCC on or before Wednesday, 11th February 2026. Kindly address your comments to Mr. Roy Daggy, Commissioner & Chief Executive Officer on the address provided below.
The non-confidential version of the Application, including details of the Proposed Acquisition, can be accessed and downloaded from the ICCC website: www.iccc.gov.pg.
All queries relating to this matter should be directed to Mr. Steven Sugl, Executive Manager – Competition Law Enforcement Division on telephone 312 4642 or email to: ssugl@iccc.gov.pg.