SYDNEY, Aug. 24 (Xinhua) -- Vice President of mining operation Ramu NiCo Wang Baowen believes Papua New Guinea is well placed to capitalize on the growing demand for commodities linked to the technology sector.

Wang told local media on Thursday that the "rapid growth in the production and sales of electric powered vehicles," particularly in China, coupled with the global push to further develop the potential of "large-scale battery storage" technologies, leaves the company and PNG in a strong position.

As the South Pacific nation's only nickel-cobalt mine, the Madang Province facility has been producing around 3,000 tons of the valuable metals each month and is an industry leader in the development of red laterite and hydrometallurgy.

Although Wang explained the company still faces challenges from "constant deterioration of international markets," Ramu Nico is committed to continuously pursuing its management philosophy of "efficiency, cooperation, perfection and innovation," by cutting operational costs through management optimization.