Geopacific Resources Ltd has said that it needs all the necessary permits and approvals before it can start its operations.
Geopacific Resources Ltd, the operator of the Woodlark gold project in Milne Bay, said that it has already obtained key approvals for the development, but it needed to secure all approvals, licences, or permits.
“Even if an apparently viable mineral deposit is identified, there is no guarantee that it can be profitably mined,” it said. “The estimated development costs for the Woodlark gold project are subject to a range of uncertainties and assumptions. And the actual development costs may differ from these estimates and assumptions. If the cost estimates and the underlying assumptions are not realised in practice, it may materially and adversely affect the development programme of the Woodlark gold project. The actual Woodlark gold project development timelines and expenditure together with planned exploration work to be undertaken will depend on many factors. As such, actual expenditure may differ from the budgeted expenditure presented.”
The mining firm said the project is also subjected to ordinary construction risks such as design and or quality issues, delays, pricing and cost overruns.
“Contractor performance may be constrained or hampered by labour disputes, plant, equipment and staff shortages, and default,” it said. “Contractors may not comply with provisions in respect of quality, safety, environmental compliance and timeliness, which may be difficult to control. In the event that a contractor underperforms or is terminated, the company may not be able to find a suitable replacement on satisfactory terms within time or at all.”
