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K92 gives green light for Kainantu expansion

ANOTHER important milestone in PNG’s colourful mining history has been achieved with Canada’s K92 Mining Inc. giving the go-ahead to significantly expand production at the historic Kainantu gold mine. The expansion will double current capacity at Kainantu to 400,000 tonnes per annum, increasing annual production to an average of 120,000 ounces of gold equivalent. Based on a recently completed preliminary economic assessment (PEA) for Kainantu, the major outcomes resulting from the

Industry welcomes plans for National Petroleum Authority

The PNG Chamber of Mines and Petroleum has welcomed the announcement by the Petroleum Minister, Dr Fabian Pok, that he will table a Bill on the proposed National Petroleum Authority (NPA) in Parliament this year. The Chamber President, Mr Gerea Aopi CBE, said it has been many years since the PNG Government agreed to establish a National Petroleum Authority and it was commendable that Dr Pok has undertaken to finalise

Chamber says PNG employment and rebound in growth thanks to mining & petroleum

The PNG Chamber of Mines and Petroleum has welcomed a report by the World Bank that has forecasted that new large-scale resource projects could boost Papua New Guinea’s real Gross Domestic Product (GDP) to five percent this year. The World Bank recently released its February 2019 edition of the PNG Economic Update which outlined PNG’s economic situation and medium-term development prospects. The report stated that the country’s medium-term economic outlook

Study forecasts a boost in Asia Pacific oil and gas investments

CONFIDENCE in the outlook for Asia Pacific’s oil and gas industry has more than doubled in the past two years, according to new research published by DNV GL. The study found that 76% of senior oil and gas professionals in Asia Pacific are optimistic about the industry’s growth in 2019, compared with 58% in 2018 and 30% in 2017. The proportion of industry leaders who are confident in their own

Nautilus receives additional loan under secured loan facility

SUBSEA mining proponent Nautilus Minerals Inc. has announced that the company has received a loan from Deep Sea Mining Finance Ltd for US$500,000 under a previously announced loan agreement. Pursuant to the Loan Agreement, provides for a secured structured credit facility of up to US$34 million, Nautilus has issued to the Lender an additional 2,147,766 warrants of the company in connection with the US$500,000 loan. To date Nautilus has issued

K92 Mining receives positive news for US$13.6 million Kainantu expansion

CANADIAN miner K92 Mining Inc. has received  positive results of the Preliminary Economic Assessment (PEA) update for a proposed US$13.6 million expansion of the Kanaintu gold mine in PNG. The PEA found that mining production and plant processing capacity could be increased to 400,000 tonnes per annum over a period of approximately 12 months; The expanded plant would treat 4.9 million tonnes averaging 9.0 g/t Au. 20 g/t Ag and

PNG mining and petroleum conference attracts unprecedented international attendance

THE recently staged 15th Papua New Guinea Mining and Petroleum Investment Conference in Sydney attracted unprecedented international interest as the country is on the cusp of its biggest ever investment surge in new mining and petroleum projects, according to the PNG Chamber of Mines and Petroleum. The Chamber’s Executive Director, Dr Albert Mellam, said in a statement today that the conference organised by the Chamber attracted delegates from 20 countries

PNG Government signs Wafi-Golpu MoU

THE development of the world class Wafi-Golpu copper-gold project in Morobe has taken a major step forward with the signing of a Memorandum of Understanding (MOU) between the Wafi-Golpu Joint Venture (WGJV) and the PNG Government. Leading international miner Newcrest Mining and its WGJV partner Harmony Gold said the MOU is an affirmation of the parties’ intent to proceed with the Wafi-Golpu Project, subject to finalisation of the permitting process

World class Frieda River project moves a big step closer to development

LONG time PNG miner and explorer Highlands Pacific believes the Frieda River copper/gold project has moved an important step closer to development following the completion of a new Feasibility Study. Highlands Pacific reported that is has now received the feasibility study ffrom the project manager PanAust Limited, which contains a major turn around in options for Frieda River, one of the largest undeveloped copper and gold deposits in the world

Papua LNG JV signs agreement with PNG Government

IN a major milestone in the further development of Papua New Guinea’s LNG industry, the Total-led Papua LNG consortium has signed a Memorandum of Understanding (MOU) with the PNG Government. The Papua LNG JV is proposing to develop the massive Elk-Antelope gas discoveries to provide the base for a major expansion of PNG’s already highly successful PNG industry. Papua New Guinea’s own gas powerhouse, Oil Search Ltd (a member of