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Mining

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

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%

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;