Goldminer Highlands Pacific is preparing to sell its stake in the Ramu nickel-cobalt project in Papua New Guinea, leaving the company as a more attractive takeover target for bigger groups interested in its other copper and gold projects.

Highlands holds an 8.56 per cent free-carried interest in the large-scale Ramu project, which will increase to 11.3 per cent once the company's Chinese partner has repaid debt financing for the mine. Highlands then has the right to buy another 9.25 per cent of Ramu to lift its stake to 20.55 per cent.