Posts From Colin Hay

Kingston says Misima PFS confirms long-life, low-cost PNG gold mine potential

KINGSTON Resources Limited has taken an important step towards its objective of becoming a significant new low-cost, mid-tier gold producer in the Asia-Pacific region with the completion of a positive Pre-Feasibility Study (PFS) for its flagship 100%-owned Misima Gold Project in Papua New Guinea. Managing Director, Andrew Corbett, said the PFS confirms the potential to develop a technically robust, large-scale, long-life, low-cost operation delivering gold production of 130,000oz per annum

Freeport completes acquisition of Star Mountains Gold Project

CANADA’S Freeport Resources Inc. has acquired all of the outstanding share capital of Quidum Resources Inc. providing it with ownership of the rich Star Mountains Gold Project in PNG’s remote Western Province. Quidum is a privately-held company which controls Highlands Pacific Resources Limited, a corporation established under the laws of Papua New Guinea and which owns a series of contiguous exploration licenses located in Papua New Guinea and which are

$61 million Lihir recovery improvement projects approved by Newcrest

THE Newcrest Board has approved the Execution phase of the $61 million Lihir Front End Recovery Project. The Lihir Front End Recovery Project primarily comprises the installation of flash flotation and additional cyclone capacity, as well as cyclone efficiency upgrades, to improve grinding classification and reduce gold losses through the flotation circuits. This is projected to result in: LOM gold recoveries increasing by 1.2% Incremental LOM gold production increasing by

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