Even if the PNG Government puts up its share of the funds for the Solwara I, as Nautilus Minerals’ CEO expects, it will be at least two to three years before the company can begin its deep sea mining operation in the Bismarck Sea.
Mining & Energy
Nautilus Minerals says it will go ahead with its high grade copper-gold exploration project in the Bismark Sea, after an international arbitrator compelled the PNG government to abide by a joint venture agreement.
The ratings agency Standard and Poor’s is adopting a ‘wait and see’ attitude towards the O’Neill government’s nationalisation of the Ok Tedi mine and its owner, the PNG Sustainable Development Program (PNGSDP).
In an escalation of the public debate on the ownership of the Ok Tedi mine, the Chairman of the Papua New Guinea Sustainable Development Program Ltd (PNGSDP) has accused the government of ‘stealing’ Ok Tedi Mining Ltd.
After a troubled history, the gold mine at Mount Kare in Enga Province was now back on track, Stephen Promnitz, Chief Executive Officer of Indochine Mining, told delegates at the Papua New Guinea Advantage 2103 investment summit this week.
Australian miner Newcrest Mining Limited has delisted from the Toronto Stock Exchange.
With the ExxonMobil-led PNG LNG project ‘more than 90% complete’ and due to start exports in the second half of 2014, what are the chances of additional LNG projects for PNG? Business Advantage PNG considers the candidates.
ASX-listed gold producer, St Barbara Ltd, which owns the Simberi mine in Papua New Guinea’s New Ireland, has posted a full-year net loss of AUD$192 million (K409 million), due primarily to a lower gold price.
Melbourne-based mining company, Newcrest Mining Ltd, which has extensive mining assets in Papua New Guinea, has ended the financial year with a net loss of AUD$5.778 billion (K 12.29 billion) for 2012–13.
Prime Minister O’Neill’s promise to leave the management of Ok Tedi Mining Ltd in place when his government takes over the mine is ‘very reassuring’, according to the company’s managing director, Nigel Parker.