Following payment of an interim dividend of PGK150 million last September, Ok Tedi Mining Ltd (OTML) has said that the OTML Board has a final dividend of PGK400 million for 2020.According to Chairman Sir Moi Avei, in spite of the health crisis, “OTML has had a strong and profitable year and this has enabled the Company to complete the PGK800 million self-...

Through a share placement, Gold developer Geopacific Resources has raised A$140 million to invest for the development of the Woodlark gold project in Papua New Guinea. The placement will be finished in two tranches. The first tranche consists of 43.7-million shares with a cost of 42c each for an initial A$18.4-million under the existing placement company ...

Local contractors in Porgera have lost an estimated K111 million since the mine shut down.This was disclosed by the Porgera Chamber of Commerce and Industry (PCCI) who according to its president, Nickson Pakea, said there were around 136 local contractors who provide servicing, support and heavy equipment parts.He added that businesses in the area have fe...

K92 Mining has revealed that its shares have gone up.With results from the continuing diamond drilling of the Kora deposit at the Kainantu gold, the drilling results are highlighted by hole KMDD0261, which documented several high-grade intersections including 9.80 m at 83.27 g/t Au, 10 g/t Ag and 1.03% Cu (84.92 g/t AuEq, 6.63 m true width) at the K1 Vein...

Investments on exploration in the extractive sector, especially the mining industry, have decreased in the past decade.According to Chamber of Mines and Petroleum president Gerea Aopi during the outlining the significance of having policy statements in the budget at the Deloitte and Port Moresby Chamber of Commerce and Industry business budget breakfast, ...

Kingston managing director Andrew Corbett has been extremely excited with the results of the pre-feasibility study (PFS) which shows that Kingston Resources can revive the Misima gold mine back to life.Misima can come out with 130,000 ounces per year over a 17-year mine life. “This is a significant milestone for all stakeholders in the Misima gold project...

The government recently signed an environmental impact statement approval with regards to the K18 billion Wafi-Golpu project.This came after an agreement with the Morobe government to start moving forward. Prime Minister James Marape said the signing would grant the Special Mining Lease (SML) and negotiations for a mining development contract among the de...

According to the Mineral Resources Authority (MRA), the revised Ramu NiCo project memorandum of agreement (MOA) is still awaiting resolution of issues and challenges affecting landowners. Managing director Jerry Garry said that the MOA was signed in 2013 for a five-year period, which was due for review last 2019. He added that the review began in 2018 by ...

Entities linked with company advisor Matt Liddy have given Gold Mountain (GMN) $2 million for its flagship Wabag project in Papua New Guinea.Overall, the stakeholders have bought over 36 million Gold Mountain shares at 5.5 cents per share. Gold Mountain, on the other hand, is set to issue over 2.5 million shares to satisfy placement fees payable to the in...

To discuss the reopening of the Porgera Mine, the Porgera Landowners Association (PLOA) Negotiating Committee met with Barrick Chief Executive Officer Mark Bristow and Senior Vice President and Head of Corporate Affairs of Asia Pacific, Woo Lee in Port Moresby.While the Barrick team has been in Port Moresby for a month already, the PLOA Negotiating Commit...

The government of West Sepik has rejected the proposal of PanAust, the developer of the US$7 billion (K24.4bil) Frieda River project, to construct a tailings dam at the headwaters of the Sepik River, administrator Conrad Tilau says. This, in spite of the fact that the project is expected to create many jobs.Mineral Resources Authority (MRA) managing direc...

St. Barbara's Simberi gold mine in New Ireland are going back to mine material that was previously not economically feasible due to the current price of gold This was revealed by general manager Jason Robertson, who added that the mine was presently investigating a transition from the processing of oxide ore to sulphide ore, where sulphide ore previously ...

Kingston Resources just passed to the Conservation and Environment Protection Authority an environment inception report (EIR) in connection with the Misma gold project in Milne Bay, marking the beginning of the environment permitting process of the project. “We are very excited to be taking the first steps down the environment approvals pathway for our Mi...

Mayur Resources Limited has finished independent test work, confirming the production of quality quicklime at it's Central Cement and Lime (CCL) project.Managing director Paul Mulder said that the ability of Mayur to come out with low impurity and high-grade quicklime supported the market appeal of the project. “The Central Cement and Lime Project not onl...

Because local landowners are claiming billions of kina in compensation amidst talks with Kumul Mineral Holdings Limited (KMHL), Barrick Niugini Limited (BNL), and the state, the world-class Porgera mine in Enga Province may not reopen yet. According to Prime Minister James Marape and Minister for Mining Johnson Tuke, the mine may reopen in due time. Earl...

Ok Tedi Mining Limited (OTML) Managing director and chief executive officer Musje Werror has revealed that this month, it will commission its new K800 million crusher. “The old crusher will be decommissioned and removed by the end of the year to allow access to high-grade ore on the East Wall, which will come into production in 2023,” Werror said.Werror s...