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PNG to have four new large mines in 10 years

Staff Reporter | 12:18 AM | ||
FOUR large mining operations are soon to come on stream in the next 10 years, Mineral Resources Authority (MRA) acting managing director Philip Samar revealed in his presentation during a media workshop on Saturday. 
The new mining projects include Mt Kare (17km west of Pogera gold mine), Yandera in Madang, Frieda project at the border of East and West Sepik provinces and Walfi-Golpu project in Morobe. 
Mt Kare project is owned and operated by Indochine. 
Samar said Mt Kare was undergoing feasibility study, which was expected to be  completed by middle of next year. 
“The projected mine life of Mt Kare project was between five and eight years with commercial production to commence in 2016.
Marengo Mining Ltd is the developer of the Yandera project. 
Samar said the feasibility study had been completed for submission to MRA.
The mine had an expected life more than 20 years and it would be producing copper and molybdenumby 2017. 
Frieda River copper-gold project’s owner Glencore Xstrata had indicated opting to sell Frieda. 
The project was on the market and PanAust was in discussions to finalise a deal. 
Brisbane-based PanAust, a company with mining interests in Laos, Thailand and Chile, had agreed to acquire an 80% stake in the project for US$79 million (K205 million).
PanAust had planned to develop a mid-sized operation unlike Xstrata, that was planning large scale. 
PanAust feasibility study was expected to be completed in 2015 with production anticipated in 2018 or 2019. 
Frieda project was projected to have a mine life expectancy of more than 20 years. 
Samar said Wafi-Golpu exploration project was a joint venture of Harmony Gold of South Africa and Newcrest of Australia with 50% stake each. 
The Wafi-Golpu project had current resource estimate of nine million tonnes of copper and 26.6 million ounces of gold with gold equivalent of 74 million ounces and forms one of the world’s major gold deposits.  
Samar said: “Current indications are that this project has the potential to be another Ok Tedi or Panguna-sized operation with an expected mine life of 20 plus years.” The National