PNGBLOGS

PNGEXPOSED The Chinese State-owned MCC corporation which owns the Ramu nickel mine in Papua New Guinea has posted a huge profit for the six-months to June 2010 of US$540 million. This profit was generated from revenues of over US$13 billion. In that period the company has also moved from being ranked as the 380th biggest company in the world to a new ranking of 315th. The company’s six-month profit of US$540 million puts in stark perspective the losses the company claims it is making on its stalled Ramu mine project which is currently on-hold after landowners obtained a court injunction preventing construction of the mine’s proposed deep sea tailings disposal system. While in PNG, MCC has been crying over the amount of money it says it has been loosing, it has not been  revealing the massive profits it has been reaping from its transnational operations. The company’s six-month  financial report ( warning: file size is 4.5mb ) also paints a very different picture about the

PNGEXPOSED The Chinese State-owned MCC corporation which owns the Ramu nickel mine in Papua New Guinea has posted a huge profit for the six-months to June 2010 of US$540 million. This profit was generated from revenues of over US$13 billion. In that period the company has also moved from being ranked as the 380th biggest company in the world to a new ranking of 315th. The company’s six-month profit of US$540 million puts in stark perspective the losses the company claims it is making on its stalled Ramu mine project which is currently on-hold after landowners obtained a court injunction preventing construction of the mine’s proposed deep sea tailings disposal system. While in PNG, MCC has been crying over the amount of money it says it has been loosing, it has not been  revealing the massive profits it has been reaping from its transnational operations. The company’s six-month  financial report ( warning: file size is 4.5mb ) also paints a very different picture abou