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Posts From Colin Hay

Ok Tedi declares 2019 Full Year Profit After Tax of K754 million

FOLLOWING the Ok Tedi Mining Limited Annual General Meeting held on 22 May 2020, Chairman Sir Moi Avei KBE announced that the Company had recorded a 2019 Profit After Tax of K754 million (US$222 million). This was an increase of K289 million or 61% compared to the previous year. “The Company distributed PGK 400 million in dividends during 2019 while investing a further PGK 408 million in the strategically important

K92 reports significant high-grade resource increase at Kora

K92 Mining Inc. has reported a 180% increase in its updated resource estimate on the Kora deposit, at its producing Kainantu Gold Mine in Papua New Guinea. The resource estimate is based on surface and underground exploration diamond drilling and underground face sampling (grade control). The Kora eeposit Mineral Resource Estimate highlights include: Measured and Indicated Resource of 1.1 million ounces at 10.45 g/t gold equivalent (“AuEq”) representing a +180%

PNG Government and Twinza to commence discussions on Pasca A gas development

TWINZA Oil has welcomed an announcement by PNG Prime Minister, James Marape, that the country’s National Executive Council has endorsed the submission for development of the Pasca A gas-condensate field in the Gulf of Papua. The Government is said to be ready to commence negotiations with Twinza on the Gas Agreement in the near term, setting out the fiscal terms to allow the Project to enter the Front End Engineering

Ewatinona delivers further positive drilling results for Kingston

Kingston Resources Limited has reported further significant assay results from Resource definition diamond drilling at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in Papua New Guinea. Latest results include: 2m @ 4.67g/t Au from 95m; 6m @ 1.2g/t Au from 175m; 14m @ 0.92g/t Au from 150m; including 8m @ 1.23g/t Au from 155m; 12m @ 1.33g/t Au from 22m; including 4m @ 3.33g/t Au from 22m;

Barrick says non-extension of Porgera SML a catastrophe for Landowners

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

Ok Tedi Mine vows to continue operating

OPERATIONS  at the Ok Tedi mine will continue as long as it’s safe and economical to do so, says Ok Ted Mining Limited Managing Director and Chief Executive Officer Peter Graham. Mr Graham made these remarks after Papua New Guinea announced yesterday (Thursday 16th April) that it had five new COVID-19 cases, of which three were from border villages adjacent to the mine’s Bige dredging project in the Western Province.

World Bank Commits to Papua New Guinea’s Fight Against COVID-19

THE World Bank has approved an emergency US$20 million (approximately PGK70m) project for Papua New Guinea (PNG) to provide rapid support the country’s COVID-19 (coronavirus) pandemic response. The emergency support will fund rapid health support for PNG focused on protecting health workers and others in the response effort, helping PNG health authorities quickly scale-up testing capacity, and strengthening public education to combat the spread of the virus. The project, funded

OTML sets-up COVID-19 screening station

A NEW COVID-19 screening station has been built along the Tabubil-Kiunga Highway by Ok Tedi Mining Limited (OTML) to monitor and prevent the spread of COVID-19 to its workforce and communities. The station was opened on Friday 10th April by Western Province Deputy Provincial Administrator and Chairman of the province’s COVID-19 Taskforce Mr Michael Viru. Other dignitaries who witnessed the small ceremony were the Provincial Police Commander Chief Inspector Silva

Kingston identifies extensive high-grade gold east of old Ewatinona pit

KINGSTON Resources Limited (ASX: KSN) has reported significant new high-grade assay results from recent channel samples taken in trenches excavated near the boundary of the existing Resource at the Ewatinona deposit, part of the 2.8Moz Misima Gold Project in PNG. The trenching programme has returned multiple high-grade intercepts including: 22m @ 3.90g/t Au incl 6m @ 12.65g/t Au, incl 4m @ 18.33g/t Au 44m @ 1.18g/t Au incl 10m @

Oil Search successfully completes oversubscribed $1 billion institutional raising

LEADING PNG petroleum company Oil Search Ltd has successfully completed a placement to institutional investors and the institutional component of its 1 for 8 accelerated pro-rata non-renounceable entitlement offer to raise approximately A$1,080 million (US$650 million) Managing Director, Keiran Wulff, said the combined proceeds of the company’s Equity Raising and a separate share Placement are expected to be up to approximately A$1,160 million (US$700 million), excluding estimated transaction costs. “I