Orogen Minerals, who today announced a huge jump in after tax profits to US$28.2 million for the first half of 2000, said the partners were looking for a big company with a credible track record in developing and operating large-scale resource projects.

Orogen said the level of equity available in Ramu was open to negotiation. It also said that it had been having detailed talks with a number of interested parties.

Ramu, which is slated to produce 33,000tpa of nickel and 3200tpa of cobalt, will cost an estimated US$838 million to develop. The project has been subject of study for the past six years.

“The process of securing the involvement of a new equity participant in the project will be accelerated during the third and fourth quarters of 2000,” the company said.

“Orogen also now intends to complete the acquisition of an additional 25% interest in the project [currently it owns 31.5%] under its option agreement with the government of PNG.”

Orogen says both the money and the partner will be finalised by next year.

The positive noises come at a time when there has been a lot commotion from the second-string laterite nickel miners.

Last month’s Diggers and Dealers conference in Kalgoorlie was full of bullishness from the emerging Australian players.

Yesterday, Canadian company Weda Bay Minerals announced a huge lift in the size of its Halmahera Island resource in Indonesia out to 202 million tonnes grading 1.38% Ni and 0.12% Co.

Orogen’s 129% (relative to the previous corresponding period) jump in profit for the first half was mainly fuelled by the strong performance of its oil assets courtesy of a stellar oil price.

Yet the company’s 20% stake in the Porgera gold mine in PNG also proved a handy earner.

The company’s share of gold production was 75% higher at 83,493oz and unit cash costs were considerably lower at US$180.31/oz. The average gold price received was US$317.70/oz.