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Miner reminded that ‘performance is crucial’

Admin | 9:10 PM |
MINER RamuNico (MCC) Limited has been reminded that its investment in PNG is the single largest of Chinese origin in Papua New Guinea, and therefore its business performance was crucial. The prompting was from China’s commercial counselor to PNG, Cai Shuizeng, following a tour of the mine’s oper
ations in Kurumbukari and Basamuk in Madang Province recently.

“The company must bear in mind the overall situation and attach great importance to quality, safety and efficiency of this project, and to enhance the co-operation and friendship between the two nations,” Mr Cai said. Mr Cai said he was impressed with what he had seen, and commended the operators of the Ramu nickel and cobalt mine especially for achieving 100 per cent design capacity. His delegation travelled to Madang late last month to ensure higher safety standards of operation and production, self-checks and self-rectification of all overseas Chinese enterprises including RamuNiCo Mr Cai said the results were impressive, adding that the success of the project would inevitably improve the image of China in PNG and also strengthen the two countries economic and bilateral relationship.

The delegation visited the chromite concentrate stockpile, hydraulic sluicing section, washing plate and beneficiation plant at KBK mine. In Basamuk they toured the High Pressure Acid Leach (HPAL), neutralisation and product area acid plant, limestone plant, warehouse and wharf and deep landfill areas. They had sought information on safety production, sales, environment protection, community construction and localisation. The site management used the opportunity to give the visitors, an update on the mine’s performance. Chairman of RamuNiCo ZongShaoxing, vice president Zhao Deqian and Xujian received the delegation on behalf of the company, and thanked the Mr Cai for his warmness and promised to work hard in delivering the project to the stakeholders successfully.

PNG Mining Minister to deliver revised mining MOAs

Admin | 1:23 PM | |
MINING Minister Byron Chan will be delivering to Cabinet a total of six revised memorandum of agreements (MOA) for mining projects around the country. They are for Hidden Valley, Tolukuma, Ok Tedi, Simberi and Sinivit. The only new mining project MOA is for Woodlark. The mining project MOAs were the result of negotiations over the last two years. In accepting them on Monday, Mr Chan commended the Mineral Resources Authority for a tremendous effort in delivering the revised agreements for the government.

 “I am advised that what you (MRA) have delivered is unprecedented. For the MRA to deliver six over a period of two years is very commendable,” Mr Chan said. MRA managing director Philip Samar when presenting the documents to Mr Chan, said the output was testimony to the efficiency and commitment of the government to deliver on its commitment on reviewing the various MOAs. He acknowledged the assistance of various state agencies and also thanked project stakeholders including landowners for their patience and participation in the process.

 “The negotiations, as difficult and challenging as they might be, are actually the easy part. The real challenge is, and has always been, for the various parties to these MOAs to fulfill and deliver on their various commitments,” he said. Mr Samar highlighted that improvements were needed to make them more open and transparent and availed to the general public, given PNG’s participation in the Extractive Industries Transparency Initiative (EITI) protocols. The MOA reviews for Porgera, Lihir, Crater Mountain, Solwara1 and Kainantu will commence this year. Post Courier

InterOil shareholders urged to back transaction

Admin | 1:16 PM |
INTEROIL Corporation has commenced directly informing its shareholders on the proposed buyout of its interests by ExxonMobil Corporation. Through a mailed management information circular, InterOil is urging shareholders to vote for what it termed “a value creating transaction”. Shareholders have been asked to give their support at ExxonMobil’s special meeting scheduled for February 14, 2017, in New York city, USA.

 It will be a special meeting of holders of InterOil’s common shares, options and restricted share units. Shareholders on record as of January 10, 2017, will be entitled to vote at the meeting. InterOil said to be counted, all proxies must be received by 12:00pm ET on February 10, 2017, and if the requisite approval of InterOil’s security holders is obtained, InterOil will seek court approval of the transaction. As previously announced on December 15, 2016, InterOil and ExxonMobil have entered into an Amended and Restated Arrangement Agreement. Following receipt of the unanimous recommendation of an independent Transaction Committee of the InterOil Board of Directors, the board has unanimously recommended that InterOil shareholders vote for the proposed transaction with ExxonMobil.

 The circular, which includes a letter to shareholders from InterOil chairman, Chris Finlayson, provides important information about the background of the transaction, the committee’s review process, the reasons for the committee’s and the board’s recommendation and the value-creating benefits of the transaction. The circular and other materials regarding the proposed transaction with ExxonMobil can be found at http://www.interoil.com/exxonmobil-transaction, or in InterOil’s filings on www.sedar.com and www.sec.gov.

Kutmor shareholder receive K1m dividend

Admin | 3:52 PM |
A total of K1 million has been paid to shareholders of landowner company Kutmor on the eve of Christmas 2016 in Kutubu.

 Kutmor is a company owned by landowners from the Kutubu, Mananda, Moran, Benaria, and Lower and Upper Foe areas in the Southern Highlands and Hela Provinces. They have been operating for four years with the Kutmor board approving its first dividend payment of 50 toea per share.

The company was established with assistance from the Oil Search business development team, to enable project area landowners sustain their livelihoods through non royalty-based income streams. Kutmor’s income is derived from various long term service contracts which were initially based on the provision of managerial, administrative and semi-skilled personnel to Oil Search, along with associated plant and equipment.

 Over the four year period, Kutmor has diversified to include income streams outside of direct Oil Search contracts and include work such as managing the construction of the Komo to Ajakaiba road and other tax credit and civil work activity. Shareholding in Kutmor is made up of 14 classes representing people in petroleum development licences (PDL) 5 & 6 in Moran, PDL 2 Kutubu, Lower and Upper Foe.

Julian Fowles, executive general manager in Oil Search’s PNG business unit said: “It is wonderful to see the efforts of our landowners to build new and sustainable businesses in our operating areas paying off in the receipt by Kutmor shareholders of this substantial dividend. Kutmor provides a reliable and high quality service to Oil Search and they look forward to continue to working together to build on their  joint experience.

East Timor tears up oil, gas deal

Admin | 9:34 PM |
CANBERRA: East Timor will tear up an oil and gas treaty with Australia that has been at the centre of espionage allegations, international arbitration and a bitter diplomatic dispute.
The 2006 treaty relates to a temporary maritime border in the Timor Sea and access to oil and gas deposits worth an estimated AU$40 billion (K93.1 billion).
The agreement had outlined a 50-year freeze on negotiations for a permanent border.
But East Timor, also known as Timor-Leste, had claimed the treaty was invalid given Australian intelligence operations in 2004.
History of treaties on Timor Sea:

In 1989 Australia and Indonesia signed the Timor Gap Treaty when East Timor was under Indonesian.
East Timor was left with no permanent maritime border and Indonesia and Australia got to share the wealth in what was known as the Timor Gap.
In 2002 East Timor gained independence and the Timor Sea Treaty was signed, but no permanent maritime border negotiated.
East Timor has long argued the border should sit halfway between it and Australia, placing most of the oil and gas field in their territory.
In 2004 East Timor started negotiating with Australia again about the border. In 2006 the CMATS treaty was signed.
– ABC News

BCL to pay Paguna Copper Mine Landowners

Admin | 9:31 PM | |


AFTER 27 years of waiting, the Panguna landowners in Papua New Guinea  have finally been promised to be paid what they are owed.

The landowners received the news during the Panguna landowners’ community review conducted recently by Bougainville Copper Limited and the Autonomous Bougainville Government’s Panguna negotiation office.

The Bougainville crisis ended 27 years ago.
Acting director of the Office of the Panguna Negotiation Bruno Babato thanked the people of Central and South Bougainville for welcoming officers from the ABG and BCL.
Babato said the aim of the programme was to verify and confirm the list of landowners with their account numbers so that payments could be made.
Bougainville Copper Limited’s consultant Justin Rogers said BCL has pledged K13.9 million to them as an outstanding payment for 1990. That payment ceased then because of the crisis.
“The amount that was given by BCL is for the year 1990 to 2013,” Rogers said.
Rogers urged the landowners to cooperate with ABG and BCL to settle that issue and focus on other programmes or developments. The National/ Pacific Mining Watch

Barrick to call on PNG Government to revisit emergency TCS

Admin | 9:21 PM | |
OPERATOR of the Porgera Gold Mine, Barrick (Niugini) Limited (BNL), will be asking Papua New Guinea  government authorities to re-establish the Emergency Highlands Highway Tax Credit Scheme (TCS). This is so that additional funding can be accessed for emergency repairs only on the highway. BNL’s general manager Operations, Damian Shaw, said this when delivering a presentation on the Porgera Joint Venture (PJV) and the Porgera operation at the 14th Papua New Guinea (PNG) Mining and Petroleum Investment Conference in Sydney, Australia in December 2016. PNG Chamber of Mines and Petroleum hosted the conference themed, ‘Delivering on Growth Opportunities’ from December 5 to 7 at the Sydney Hilton Hotel. The conference was in conjunction with three seminars on PNG Resources Industry Financing, PNG Petroleum Exploration Update, and the PNG Mineral Exploration Update. 

Mr Shaw told the conference that the Highlands Highway was an issue for the whole country in 2016. “It’s our key piece of infrastructure that enables us to bring supply of goods into the Enga Province. “There is not enough money in the country to manage any of those slips, so it relies on us being able to negotiate with the landowners, with the assistance of the government, to go and fix those issues as they arise,” he said. “We’ve lost several parts of the mine for periods of weeks on two occasions this year as a result of closures on the highway. 

“We are presenting to the government to reactivate the emergency TCS that used to be in effect for the highway, because those in country will know, we had a drought year last year, and we are now on track for record rainfall so the highway is falling apart.” Apart from TCS, Mr Shaw also spoke on production and economic benefits and highlighted recent achievements which included concentrate export and the Job Ready Project (JRP). The Highlands Highway remained an operational challenge, law and order also remained a challenge for PJV.

K6m financing notice for Nautilus

Admin | 3:26 PM | |
NAUTILUS Minerals has delivered a US$2 million (K6 million) Financing Notice for November 2016. This was released last month in its market report announcing it was pursuant to its subscription agreement with Mawarid Offshore Mining Ltd and Metalloinvest Holding (Cyprus) Limited. The “Investors” dated August 21, 2016, as amended (the “Subscription Agreement”), the Company has delivered a financing notice dated November 21, 2016 (the “Financing Notice”) to the Investors in respect of a private placement of an aggregate of 15,539,080 common shares of the company at an issue price of C$0.174 per share for aggregate proceeds to the company of US$2,000,000. The private placement will be allocated equally between the two investors.

 In accordance with the Subscription Agreement, the issue price equals the five day volume weighted average trading price of the company’s shares on the Toronto Stock Exchange immediately prior to the date of the Financing Notice, and the number of shares to be issued under it was calculated based on the noon US/CAD exchange rate of 1.3519 posted by the Bank of Canada on the last business day prior to the date of the notice. Closing of the private placement under the Financing Notice is required to occur during December, 2016 and within 10 business days following payment of the subscription proceeds by the investors to the company, pursuant to the Subscription Agreement. The private placement forms part of the up to US$20 million (K65 million) financing approved by the company’s shareholders at the extraordinary general meeting of the company held on October 26, 2016.