K92 Mining Inc. has received very encouraging results from a Preliminary Economic Assessment (PEA) on its Kora gold deposit, which together with its Irumafimpa gold deposit comprise the Kainantu Gold Mine Project in Papua New Guinea. CEO, John Lewins, said that based on the results of the study, the company is proceeding to a Definitive Feasibility Study (DFS) for the Kora Stage 3 Expansion. Stage 3 Expansion PEA Study Highlights After-tax NPV5% of US$1.5 billion at US$1,500 per ounce...
OK Tedi Mining Limited (OTML) advises that it has recorded seven positive COVID-19 cases over the past 24 hours – the first positive cases recorded in Tabubil. The company said the incident occurred despite Ok Tedi implementing a shutdown of all charter flights in and out of Tabubil on Tuesday July 28, 2020. This action was taken in response to the escalation of positive cases in Port Moresby, and with
K92 Mining Inc. has received very encouraging results from a Preliminary Economic Assessment (PEA) on its Kora gold deposit, which together with its Irumafimpa gold deposit comprise the Kainantu Gold Mine Project in Papua New Guinea. CEO, John Lewins, said that based on the results of the study, the company is proceeding to a Definitive Feasibility Study (DFS) for the Kora Stage 3 Expansion. Stage 3 Expansion PEA Study Highlights
LEADING PNG petroleum company Oil Search Ltd has released details of a plan to reduce its workforce by 34% in light of the industry downturn. The company, which recently completed a detailed and systematic review of its organisation and cost structure, which came up with some significant findings, including: Oil Search Full Time Employees (FTEs), which include employees and long-term contractors, have been reduced from 1,649 people as of March
Horizon Oil Ltd reports that an investigation has cleared the company of any wrongdoing in its payment to acquire an interest in PNG Petroleum Retention Licence (PRL) -21 in 2011 it has been found to have not breached any bribery laws. The investigation, which included a forensic review of all aspects of the transaction, was conducted by Herbert Smith Freehills (HSF) and Deloitte with the oversight of an Independent Board
PORGERA Gold Mine operator Barrick (Niugini) Limited (BNL has initiated conciliation proceedings before the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) to settle its dispute with PNG arising out of the PNG Government’s decision not to extend the Porgera Special Mining Lease (SML). BNL says it exercised its legal right to apply for an extension of the Porgera Special Mining Lease in June 2017. The company alleges
PORGERA gold miner Barrick Niugini Limited (BNL), claims the PNG Government’s decision not to extend its Special Mining Lease was tantamount to nationalisation without due process and in violation of the government’s legal obligations to BNL. The company said it remained willing to discuss the issue with Prime Minister James Marape and his government in the hope of averting what it described as a catastrophic situation for the communities at
Horizon Oil Ltd reports that an investigation has cleared the company of any wrongdoing in its payment to acquire an interest in PNG Petroleum Retention Licence (PRL) -21 in 2011 it has been found to have not breached any bribery laws. The investigation, which included a forensic review of all aspects of the transaction, was conducted by Herbert Smith Freehills (HSF) and Deloitte with the oversight of an Independent Board
BARRICK (Niugini) Limited (“BNL”) has welcomed the Papua New Guinea Government’s commitment to finding a long-term solution for the law-and-order problems that have for decades plagued the Porgera region of Enga Province, home to its Porgera gold mine. The Company noted that, following a two-day visit to the region to meet the community and assess the situation first-hand, police minister Bryan Kramer had pledged to sponsor government measures to strengthen
AIR Niugini has updated its purchase contract with the Boeing Company to delay the delivery of the four Boeing 737 MAX jets it has on order until at least 2024. The airline’s managing director, Alan Milne, said the four 737 MAX jets were ordered in 2014, and the airline had originally been due to receive its first aircraft later this year. “This delay will give the airline more time to
CRUISE passengers docked in Rabaul, East New Britain Province, have been interviewed about potential tours and excursions as part of efforts to strengthen local tourism. Supported by the Australian Government in partnership with Carnival Australia and The Difference Incubator, YuMi Tourism Partners is an initiative being rolled out across the South Pacific region to assist tourism entrepreneurs build their business models to fit the needs of customers. Michael Mihajlov from
