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Deep Sea Mining

Deep Sea Mining

Scholarships in Mining

PNG's Gulf Governor Haiveta wants LNG Port to be built in his province

Staff Reporter | 7:03 AM |
A PORT to be used for the shipment of liquefied natural gas (LNG) overseas may be built in Gulf, according to Governor Chris Haiveta.
He said in Port Moresby on Monday that the Gulf port would serve as an alternative to the Lae port which was the biggest in the country.
“We will take our cue from the Alotau Accord 2,” he said.
“We would like to develop an LNG port in the province as an alternative gateway to Lae.”
He re-emphasised the province’s position that it will not support the piping out of LNG to Caution Bay in Central for shipment.
He said they wanted benefits from the Papua LNG project to be retained in the province, given the experience of past projects including the PNG LNG project.
Haiveta estimated that outstanding benefits owed to Gulf from previous projects including royalties and other benefits to be more than K100 million.
He is yet to discuss with Total SA, the operator of the Papua LNG, the province’s position on the pipeline.
Haiveta said some documents regarding the project needed to be replaced as the files were old or damaged.
Records going back to the establishment of the first interim provincial government and the first provincial government needed to be properly organised and filed, he said.
“That’s what my officers said. So Gulf will have to rebuild our legacy and history again from zero.
“We have to come to the provincial affairs and get provincial laws and acts and start from there.” The Nantional

NEWCREST Mining Limited sees full-year profit increase

Staff Reporter | 6:38 AM |
NEWCREST Mining Limited has seen its full-year revenue increase to US$3.4 billion (K10.76 billion) from US$3.2 billion (K10.18 billion) in 2016.
It followed an improvement in safety performance and operational achievements, according to its full-year result released yesterday.
The company reported a statutory profit of US$308 million (K953.94 million) and an underlying profit of US$394 million (K1.2 billion) from gold production of 2.38 million ounces at a group all-in sustaining cost of US$787 million (K2.4 billion) per ounce.
Managing director and chief executive Andeep Biswas said this financial year was marked by a significant improvement in their safety performance and a number of operational achievements particularly at Lihir and Cadia.
“All operations contributed to the free cash flow generation of the Group, which has been applied to further reducing net debt and strengthening the balance sheet, plus increasing dividends to shareholders.”
Despite the seismic event which impacted Cadia operations in Australia and the group in the fourth quarter of 2017, Newcrest achieved a small increase in production from operations, excluding Hidden Valley.
It achieved a Group production guidance for the fourth year in a row.
Cadia generated US$502 million  (K1.5 billion) in cash flow for the nine months ended March 31 excluding April 14 when the seismic event occurred. Lihir generated US$353 million (K1.1 billion) before tax. Other operating assets in both Australia and Papua New Guinea such as Telfer contributed US$70 million (K222 million), Gosowong US$142 (K451.56 million), Bonikoro US$38 million (K120.84 million) and Hidden Valley was divested during the current period.
Newcrest had put forward guidance of 2.4 – 2.7 tonnes for gold and 80 – 90 tonnes for copper.

PNG Government payment delay frustrates LNG landowners

Staff Reporter | 6:36 AM | |
LANDOWNERS living along the corridors of PNG LNG pipeline on Portion 152 in Central are frustrated by the Government’s reluctance to pay their outstanding royalty and equity benefits.
In a press conference last week in Port Moresby, the LNG Plant Landowners’ Association  (LPLA) chairman Chief Nao Nao said they had been given the run-around by the government and its stakeholders for more than 39 months since the first shipment.
Judah Baru (Porebada Besena Association), Muri Henao (Boera Natuna Heritage Association) and Noho Lohia (Rearea Landowners Association) supported the sentiment.
“Our three petitions were made and received at different times between August and April 2017 but nothing concrete has been forthcoming,” Nao said.
He said the association had held meetings with former Petroleum and Gas Minister Nixon Duban, department secretary Kepsey Puiye and Mineral Resources Development Company managing director Augustine Mano but had not received any benefits.
Chief Secretary Isaac Lupari advised Puiye on May 15 to look into two outstanding issues:

Royalty and Equity benefits for Petroleum Processing Facility License No 2 to be paid by May 19; and,
The K3.5 million mobilisation fund requested by the landowners association on April 22 to be released on May 19.
Nao said despite Lupari’s letter, the department failed to facilitate any payments.
“We understand there is K142 million parked in the Bank of PNG which LPLA will receive 40 per cent of,” he said. The National

Solomon Islands Gold Ridge to restart within 18 months

Staff Reporter | 5:14 AM | ||
Solomon Star | 11 August 2017

AXF Gold Ridge Pty Ltd of Australia says it has secured additional investor funding to start the immediate recommissioning of the Gold Ridge Mine Project.

“This investment will see mine production on track to start within 18 months,” a statement issued by the company on Wednesday stated.

“In an unprecedented partnership arrangement, Gold Ridge Community Investment Ltd (GCIL), which comprised the local land owners, owns 10% of Gold Ridge Mining Limited,” the statement added.

AXF Gold Ridge holds the balance of 90%.

The statement said additional capital and technical expertise from the Hong Kong publicly listed new shareholder Wanguo International Mining Group strengthens AXF Gold Ridge.

“New capital will help the Gold Ridge Mine Project reach its full potential.

“Wanguo International Mining Group led by Mingqing Gao has provided technical expertise to the Gold Ridge Mine Project for the past year.

“The strength of the partnership between landowners and AXF Resources, combined with the support from the government, has given Wanguo the confidence to commit as an investor to this project.”

Gold Ridge Mine’s principal landowners and community leaders confirmed their continued full support and commitment to the project during consultation.

Landowners agreed that by working together, the recommissioned Gold Ridge Mine would achieve new heights (Yu mi tugeda bae mekem Gold Ridge mine waka gud).

Richard Gu, Managing Director of the AXF Group and Director of AXF Gold Ridge Pty Limited, said:

“I feel humbled and proud that the project has reached this stage.

“I look forward to a long and fruitful development partnership with Gold Ridge Mine landowners, our investor, and the people and government of the Solomon Islands”.

Senior executives from AXF Gold Ridge including Chairman-elect Mingqing Gao, Richard Gu, and Dr Shaun Ren visited the Solomon Islands this week to celebrate the milestone with landowners and government officials.

At a meeting with Prime Minister Manasseh Sogavare, chairman-elect Mr Gao reinforced:

“The reopening of the Gold Ridge Mine will send a strong message to the investment community that the Solomon Islands is open for responsible and transparent mining business”.

Over the next 18 months, the come said the Gold Ridge mine site will undergo a complete refurbishment with infrastructure upgrades to improve site access and the construction of a new power station.

“An independent review of the tailings storage facility will be commissioned to minimise risk to local communities.

“Community relations activities will ramp up with one of the priorities the establishment of socially inclusive engagement mechanisms with landowners and local communities.”

Iwi angered by approval of first seabed mining project

Staff Reporter | 5:08 AM |

Ani-Oriwia Adds | Maori Television | 10 August 2017

Local iwi Ngāti Ruanui and Ngā Rauru Kītahi are furious seabed mining has been approved in their region. The landmark decision by the EPA allows a mining company to dredge 50 million tonnes of ironsand from the South Taranaki bight.

Chief Exec of EPA Allan Freeth said, “The decision is to grant consent in posing conditions that provide an appropriate degree of caution in particular establishing conservative environmental thresholds. It is well reasoned and carefully set out traversing a lot of evidence and submissions from a wide variety of individuals and interest groups.”

Spokesperson for Ngāti Ruanui Debbie Ngarewa-Packer says, “They were in disbelief and I guess also being very practical people they were in quite a bit of shock and couldn’t really make sense that such a impractical decision could be made.”

The vote was split between the deciding committee but a member of the committee used his chairman’s casting vote to create the majority decision in favor of granting the consent

Ngarewa-Packer says, “For 50% of a decision making committee to actually take the side of the community but then someone uses some ridiculous rule to push it across the line actually doesn’t make anyone feel good. They don’t feel that the process is right

Ngarewa-Packer says that this now has opened the door for much more activity like this to happen to other little communities

“We will be appealing the decision into point of law, so that involves high court but you know we would have better spent our energy and our money investing into things that are making our community stronger.”

The consents commence after any appeals have been resolved

Oil slides on global crude glut worries

Staff Reporter | 7:36 PM | |||
Oil prices have fallen more than 1.5 per cent, as a bruising day on Wall Street bolstered fears of slowing demand amid lingering concerns over a global oversupply of crude.

US West Texas Intermediate crude settled down 97 cents or 1.96 per cent to $US48.59 a barrel. Brent crude futures were down 80 cents or 1.52 per cent to $US51.90 a barrel.

US stock indexes fell sharply on Thursday, with the Dow and the Nasdaq posting triple-digit point declines, as investors fretted over escalating tensions between the US and North Korea.

The falling US stock market translated to weakness in the oil market, said Phil Flynn, analyst at Price Futures Group in Chicago.

“That raised concerns about demand,” he said, “The demand picture gets murky as stocks go down. Gold has stayed up so that confirms my suspicions it’s a fear trade.”

On the supply side, Russian oil producer Gazprom Neft considers it “economically feasible” to resume production in mature fields after a global agreement among OPEC and non-OPEC countries expires, a representative of the company said.

And while the Organization of the Petroleum Exporting Countries raised its outlook for oil demand in 2018 and cut its forecasts for output from rivals next year, yet another increase in the group’s production suggested the market will remain in surplus despite efforts to limit supply.

OPEC said its oil output rose by 173,000 bpd in July to 32.87 million bpd, led by the exempt producers plus top exporter Saudi Arabia, citing figures it collects from secondary sources.

Crude prices are down nearly 7 per cent so far this year, pressured by concern that output cuts by OPEC and its partners may not eliminate the global crude glut.

“$US50 seems to be a formidable foe for the crude bulls,” said Flynn.

Global crude stocks remain above their longer-term averages and with the US summer driving season nearly at an end, Wednesday EIA data showed petrol inventories rose for the first time in eight weeks.

EIA data also showed inventories in the United States are at their lowest since October, having fallen for 10 of the last 12 weeks.

While prices rose on Wednesday after the lower US inventory numbers, Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut said that information was not enough to sustain a rally.

“It seems like the market wants to go higher,” he said, “The market is searching for it, the question is will it get it.” post Courier

Bougainville Copper Limited re-established as a locally owned entity

Staff Reporter | 7:29 PM | |
Bougainville Copper Limited (BCL) has finally re-established itself on Bougainville as a fully locally owned PNG entity.
It returned full time and held its first board meeting in more than 27 years at Buka on August 3.
The board, led by chairman Robert Burns, included former prime minister Sir Rabbie Namaliu and former senior ministers Dame Carol Kidu and Sir Moi Avei, who were joined by members of BCL’s senior management.
Its office, located in Buka, is headed by Ephraim Eminoni, who will manage the company’s local team.

Mr Burns said it was a new dawn for BCL as an independently managed PNG company following Rio Tinto’s complete exit in the middle of 2016.
Shareholders now include PNG citizens, Bougainvilleans, the Autonomous Bougainville Government (ABG) (36.45 percent), Independent State of Papua New Guinea (19.06 percent) Eda Minerals (17.39 percent) and a minority of outsiders.
“The Buka board meeting was something of a historic moment for us as a company and demonstrates our high level of commitment to Bougainville going forward,” Mr Burns said.
Both the board and senior management separately met with ABG president John Momis and vice-president Raymond Masono to discuss important issues regarding BCL’s Panguna redevelopment plan.

“We certainly appreciate the ABG’s ongoing support and the fact they strongly restated their position regarding a new Panguna mining project with BCL as its developer,” Mr Burns said.
The company continues to and again met with representatives from the nine landowner associations who were in Buka for their bi-monthly meeting.
“Key members of our team, including executive manager Justin Rogers and senior project officer Ezekiel Burain, who are both very well-regarded in Bougainville, had the opportunity to update landowners on our more immediate community engagement plans as well as on the process for finalising the 1990 statutory compensation payments,” Mr Burns said.
“We are pleased that since the first visits to project communities in December last year, we have now completed 90 percent of the block title older payments, which goes to demonstrate our commitment to building trust with the landowners.”

Mr Burns said during the meeting, landowner representatives expressed a desire to see the Panguna project advance as opposed to objections from a minority.
The endorsement, for example, of some of the women’s leaders who were present was most encouraging.

Niuminco moves to 100% ownership of Edie Creek mine

Staff Reporter | 8:38 PM | |
ASX-listed Niuminco Group Limited is now the 100% owner of the historic Edie Creek gold mine in PNG after completing an agreement to purchase the final 17% interest it did not hold.
The company has acquired the 17% interest in the in the Edie Creek mining leases held by former Joint Venture partner Mincor Resources NL’s subsidiary Mincor PNG Limited (to be renamed Niuminco EC Limited) by purchasing the ordinary shares in that company.

The purchasing company is one of Niuminco’s PNG subsidiaries, Niuminco Edie Creek Limited.
The purchase price of $150,000 is payable two years from the completion date in cash or shares (at Niuminco’s election), or earlier should Niuminco sell the leases to a third party.
Should Niuminco choose to pay in shares, the share price will be the 30 day VWAP for the 30 trading days immediately preceding the date of the notice of election by Niuminco. Source: PNGRESOURCESONLINE