Lole Mining Ltd, a local business with foreign partners, will receive the mining license for the Tolukuma gold mine in Papua New Guinea.
According to the Mineral Resources Authority, this will be done after transactions to offset mining obligations are completed (MRA).
The mining advisory council has previously approved an application for the deal's registration, according to MRA managing director Jerry Garry.
“We are waiting for them to conclude their transaction and they will ask us to transfer the licence to the new operator,” Garry said.
“We have approved the deal tabled by Lole Mining.
“The liquidator, Andrew Pini, recommended that the deal be registered, something we have already recommended to the mining minister. Secondly, we will then transfer the licence to Lole Mining. They don’t own the licence yet.
“They have entered into an agreement with the liquidator who is happy with their arrangement.
“Upon paying certain amounts of money to offset the liabilities from the Tolukuma gold mine, then he will recommend to us the deal is in order.”
He stated that the MRA will get it registered and the tenements, as well as the surrounding exploration permits, handed to them.
All of these are expected to be finished this year.
The mine lies in the Central district of Goilala.
Reference: Pacific Mining Watch (3 October 2021). “PNG Company Lole Mining ltd to Operate Tolukuma Gold Mine”.
