Posts From Colin Hay

Barrick says positive discussion held with PNG Government on Porgera re-opening

PNG Prime Minister James Marape, together with Enga Provincial Governor Sir Peter Ipatas, have met with Barrick Gold CEO Mark Bristow in Port Moresby to discuss the terms of the re-opening of the Porgera Gold Mine. Prime Minister Marape indicated that he was very happy with the discussions that had taken place. “I was very pleased to be able to meet with Barrick CEO Mr Bristow and his team today

OTML extends Ok Tedi mine life to 2029

OK Tedi Mining Limited (OTML) has unveiled an updated strategic business plan that includes an extension of Ok Tedi’s mine life from 2026 to 2029. OTML chairman, Sir Moi Avei KBE, said the mine life extension is the culmination of a number of years detailed strategic planning work and will see the company generate an additional PGK 10 billion of revenue to the benefit of all stakeholders. He added that

Chamber raises concerns over government’s mining moves

THE PNG Chamber of Mines & Petroleum says it is alarmed at the PNG Government’s decision to fast track the adoption of Production Sharing Contracts for mining and petroleum in place of the Royalty/Tax Concessionary System that has operated successfully since the country’s independence. In a statement, the Chamber said it remains cognisant of the government’s prerogative to review and reform our resource laws and has never been opposed to

Ok Tedi plans to restart PNG mine operations

OK Tedi Mining Ltd (OTML) plans to restart its operations in the week commencing September 14, almost six weeks after it suspended operations on August 5 due to a number of COVID-19 cases that were reported in Tabubil. The company made this announcement after it initiated a contact tracing, testing and an isolation program at the mine site. To date over 3,000 samples have been collected with 143 positive COVID-19

PNG grants Mayur historic 20-year mining lease

MAYUR Resources’ Central Cement & Lime Project (CCL) in Papua New Guinea is a major step closer to development with the PNG Government granting the project a 20-year mining lease. This grant is the final statutory approval required to allow construction to begin on the vertically integrated manufacturing facility which is 25km north-west of Port Moresby and has the potential to meet 100% of PNG’s cement, clinker and quicklime requirements,

Ok Tedi records positive cases and suspends operations

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 Unveils Robust Kora Stage 3 Expansion PEA

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

Barrick initiates World Bank conciliation proceedings with PNG Government over Porgera

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

Oil Search to reduce workforce by 34%

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

OTML comes to the rescue with medivac into remote Western Province village

TOMMY Gat would have lost both his feet if it was not for the quick response by Ok Tedi Mining Ltd (OTML) to airlift him from his remote village of Seltamin to Tabubil in mid-June. Mr Gat, who is in his 50s, endured three nights of excruciating pain after both his feet were severely burnt when he collapsed and fell into a fire. He suffers from epilepsy, a medical condition