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Deep Sea Mining

Deep Sea Mining

Scholarships in Mining

LNG Announces Addition to Gas in Papua New Guinea

Admin | 9:38 PM | |
EXXONMOBILPNG (EMP), operator of the PNG LNG joint venture has added 2.3 trillion cubic feet (Tcf) to the existing PNG LNG project fields’ resource base, following an independent review by Netherland Sewell Associates Inc. In a statement the EMP issued yesterday, it said the recertification study, which included all PNG LNG fields, found that the most likely technically recoverable resource is 11.5 Tcf, a 25 percent increase beyond the earlier 9.2 Tcf assessment. “The independent review highlights the exceptional quality of the PNG LNG project resources and the significant increase in resource provides the potential for additional mid or long-term sales,” said Andrew Barry, ExxonMobil PNG managing director. The people of Papua New Guinea will continue to benefit from the PNG LNG project for many years to come. “We remain committed to working with the government, our co-venturers, provincial governors, landowners and communities to maximise PNG LNG resource value and provide long-term, sustainable benefits to the people of Papua New Guinea,” Barry said. A significant contributor to the increase was the Hides field, due to completion of development drilling including previously undrilled areas of the field, completion of optimised long term depletion plans and production performance since starting  up in 2014. In 2016, PNG LNG produced 7.9 million metric tons, an increase of 14 percent from the original design specification of 6.9 million metric tons a year. The PNG LNG project is providing reliable long-term supplies of liquefied natural gas to four major customers in Asia as well as short-term supplies to those and other customers.

Ramu NiCo prepares training modules for 2017

Admin | 9:03 PM |
BASAMUK refinery’s training and development department of Ramu NiCo Management is preparing various training modules this year tailored according to competency levels.
This was pointed out by the Basamuk refinery training and development officials Kamas Nisarap, Johnathan Karato and Lawrence Waiman.
Basamuk’s training and development deputy general manager, Philip Allcorn said the training would be tailored according to individual staff competency levels.
He said the department would further develop role based training plans with priority given to internal training.

“Our focus this year is on building foundation skills in the trades and process operation groups, with emphasis on safety principles and elements built into all training packages,” Allcorn said.
“Our dedicated team is currently fast tracking the development of training elements on which we can build a high level of competency in our national workforce.”
According to the company, the competency skills training would complement the company plan to provide effective training to its national employees.

The focus on training was encouraged by the company president Gao Yongxue during his address at its annual work conference for 2017 recently.
Yongxue encouraged relentless learning and emphasised that the management, technical personal and key operators be fully trained on aspects including legislation, policy and techniques by combining internal and external training.

Mining Companies operating in PNG must pay royalty: Samar

Admin | 8:55 PM | |
ALL mining companies operating in Papua New Guinea are required by law to pay royalties, according to the PNG Mineral Resources Authority.
Managing director Philip Samar made the statement after being asked to explain further the royalty payments made by some mining companies last year.
The royalty payments by the mining operations in the country last year totaled K158.11 million.
Operations which paid royalties in 2016 included St Barbara’s Simberi in New Ireland, Harmony Gold’s Hidden Valley mine in Morobe, Ok Tedi in Western, the Barrick Niugini Limited-operated Porgera mine in Enga and Newcrest Mining Limited’s Lihir mine in New Ireland.
Last year, Simberi paid K7.55 million in royalty, Hidden Valley K14.24 million, Ok Tedi K28.34 million, Porgera K39.46 million and Lihir K68.52 millioan.
“Yes all mining companies operating in PNG are required by law to pay royalties,” Samar said.
“It’s the total royalties paid to stakeholders of MOAs (memorandum of agreements).
“Royalty is payable by holders of a mining lease or special mining lease on the basis of the f.o.b. (free on board) revenue or net smelter returns from mine products produced by the mine, in accordance with definitions of these terms used in mining legislation.
“Government has set a royalty rate of 2 per cent. Agreements with the State and other relevant parties may stipulate those entitled to the royalty payments.” The National/ Mining Watch Pacific

Overwhelming approval for InterOil takeover

Admin | 4:51 AM | |
InterOil shareholders have overwhelmingly approved the transaction for Exxon Mobil to take over InterOil.

In a statement yesterday, more than 91 per cent of  votes were cast in favor of the proposed transaction yesterday in New York City in the United States.

Previously 80 per cent of shareholders voted to approve the original transaction  at a Special Meeting on September 21, 2016.

A court hearing in which InterOil is seeking a final order with respect to the Amended and Restated Plan of Arrangement is currently scheduled for February 20th 2017.

Following the initial approval for the takeover last year, the Yukon Court of Appeal in Canada, upheld an appeal by InterOil founder, Phil Mulacek, against the original takeover offer last November.

Exxon Mobil amended deal, lifting the maximum price payable for InterOil by about 10 per cent to US$78.94 (K236) per share.

The offer was structured as a US$45 (K135) per share flat cash payment, plus an extra US$7.07 (K21) per share for each trillion cubic feet (tcf) of gas certified as being held in Elk-Antelope.

A court hearing to approve the revised deal, worth more than K6 billion (US$2.2 billion) is scheduled for 20 February. LoopPNG

InterOil shareholders back purchase bid

Admin | 4:46 AM | ||
InterOil Corporation shareholders are fully supporting the proposed acquisition by Exxon Mobil Corporation.

“POMSoX Today (Tuesday) announced that shareholders overwhelmingly approved the transaction with Exxon Mobil Corporation at the Special Meeting,” according to Port Moresby Stock Exchange.

“More than 91 per cent of the votes cast were in favour of the proposed transaction, an even greater percentage than the 80 per cent that previously voted to approve the original transaction at a Special Meeting on September 21, 2016.

“As stated in the management information circular related to the transaction, the court hearing in which InterOil is seeking a final order with respect to the Amended and Restated Plan of Arrangement is currently scheduled for February 20, 2017.”

In 2016, Exxon Mobil proposed to the tune of US$2.5 billion to buy InterOil Corporation shares. LoopPNG

Gold and platinum recovery at Crowne Ridge in PNG's Enga Province

Admin | 4:39 AM | |
Gold Mountain Limited has announced further gold and platinum recoveries at the Crown Ridge Gold Project, in Enga Province.

In statement today, the Board of Gold Mountain said the Phase 2 Bulk Sampling Program at Exploration License (EL) 1968 made the gold and platinum recoveries as well as heavily mineralised ‘proximal float’ hard rock less than 20 metres from the first 125m3 bulk sampling pit (Pit 200).

The board also announced that it has recovered over two ounces of gold (75.05 Au) and 8.71 grams of platinum following the completion of the first large scale 125m3 test pit using a tracked excavator and processed through a portable heavy mineral test plant.

Gold Mountain is further encouraged by the ease in which the coarse grains of gold and platinum contents were amenable to recovery using gravity processes from smaller pits.

The ‘proximal float’ hard rock sample resembles an epithermal quartz-pyrite vein, similar to that assayed previously, which returned 29.9ppm (refer ASX announcement 11 May 2015), the Company looks forward to updating shareholders on further assays of the sample in the near term.

While these initial recoveries from the first large scale Bulk Sampling pit are encouraging, Gold Mountain notes that recoveries could increase extensively following an upgrade of the portable heavy mineral test plant now located on-site.

Sizing of the gold particles show that it is apparent there are significant losses of finer gold and platinum particles below 0.1mm, as well as some below 0.2mm based.

As a result, the Company is assessing augmenting current on site equipment to ensure maximum recoveries can be achieved when bulk sampling recommences in the coming weeks.

Director and Supervising Geologist, Dough Smith, says: “The Gold and platinum recovered from the initil 125m3  Pit 200, and the discovery of the heavily mineralised hard rock sample adjacent to Pit 200, are both highly encouraging for the company as we look to recommence phase 2 bulk sampling activates innthe coming weeks.

Recovery from the free gold in the soils is continuing, and our confidence in the geology is growing daily.

More and more, we are convinced that Crown Ridge will commence as a low-cost bulk mining operation with free gold in the soil occurring down to 40 metres.” LoopPNG

Illegal mining work on Panguna stopped

Admin | 9:03 PM |
ILLEGAL gold dredging operations have ceased in the midtailings region of Panguna, according to an official.
Autonomous Bougainville Government Minister for Minerals and Energy Resources Robin Wilson told The National that the operations of Jaba Resources Limited in the area were not compliant with the Bougainville Mining Act 2015.
This resulted in the company being instructed to cease operations in December last year.
“This company’s operations came about as a result of the Bougainville Executive Council approval of a proposal for a brick production and gold extraction project submitted under the Department of Economic Development in August 2015,” Wilson said.
“On inspection of the site, and given the nature of the operations, it is clear that Jaba Resources Limited needs to be the holder of a small-scale mining lease under the Bougainville Mining Act 2015 for its operations to be lawful.
“Even if no metalliferous minerals such as gold were being extracted, Jaba Resources would still need to be the holder of a quarry lease. There are obviously other requirements under National laws as well, such as environmental approval.
“On the basis that the Jaba project has not complied with the relevant laws, the Executive Council has rescinded its decision to support the project.
“For these reasons, I have directed the Acting Secretary for Mineral and Energy
Resources to take all necessary steps to bring this company’s operations to an immediate stop. The National

Ramu Nickel/Cobalt project LOs to get K10m in Business Development Grants

Admin | 6:35 PM |
THE impacted landowners of the Ramu Nickel/Cobalt project in Madang have welcomed the announcement by Government that it will pay the balance of K10 million owed to them.

This is in Business Development Grants (BDG).

‘The assurance was given by Mining Minister Byron Chan after Usino/Bundi MP Anton Yagama had raised the issue on the floor of parliament.

Chairman of Kurumbukari landowners association Tobby Bare, in welcoming the announcement said the initial commitment of K20 million had been made by the former Somare Government.

However, this commitment had been honoured by the O’Neill Government, with the first K10 million being paid.

Mr Bare said the landowners were grateful to the O’Neill Government and had urged that the balance be paid before the 2017 General Elections.

He said given the downturn in the PNG economy, the landowners had great difficulties in securing business opportunities and added that the funds would provide some relief.

"While other landowner companies in other project area have been able to progress, we have been struggling," Mr Bare said.