Kingston Resources Limited has reported that it now holds approximately 75% of the historic Misima Gold Mine in Milne Bay Province. The company said that following the August 2018 completion of its earn-in to 70% of the project, Kingston has funded 100% of the exploration activity at Misima. Under the terms of the JV agreement, this will see Kingston’s interest in the project increase further to what it now estimates
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
ON his first visit to Papua New Guinea as the new president and CEO of Barrick Gold Corporation, Mark Bristow, said the global mining group is committed to strengthening the Company’s partnership with the government and local communities, which has enabled the Porgera gold mine to deliver substantial benefits to PNG for almost 30 years. During his four-day visit, Bristow met with Deputy Prime Minister Charles Abel and representatives of
THE PNG Chamber of Mines and Petroleum claims that the continued success of existing projects and the development of new ones is critical to the future of Papua New Guinea. And that any significant delay in the renewal and extension of mining licences for the country’s biggest producing mines would have a detrimental effect on the nation’s economy. Chamber president Gerea Aopi CBE commented following reports that projects such as
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
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
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
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
PNG minerals explorer Gold Mountain Limited believes it is on target to find the main mineralised zone at its new K-Lam copper prospect at Mongae Creek in the PNG Highlands. The company said assay results from its latest drill hole (MCD002) and results of its reconnaissance exploration programme of the newly discovered K-Lam prospect within its flagship Wabag project area have shown an improvement in grade on previous resuls. Assay
A questionnaire by the PNG Chamber of Mines and Petroleum has unearthed a range of benefits that the Fly-in/Fly-Out (FIFO) operating model delivers to PNG workers, their families and the broader community. Distributed to mining projects with PNG employees engaged under FIFO arrangements, the questionnaire revealed inspiring stories and long-term benefits for employees from across PNG. Thousands of workers within Papua New Guinea’s mining industry are employed on a FIFO