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Marengo Mining Limited happy with performance

Staff Reporter | 3:24 AM | |
MARENGO Mining Limited is pleased with its overall performance for the first half of its fiscal years that ended June.
According to Marengo management’s discussion and analysis (MD&A) report released recently, the firm highlighted three focus areas of improvement; financing activities, corporate restructuring and exploration and development activities.
It was stated that the company successfully completed several loan and financing agreements with its major shareholder Sentient Executive GP IV early this year.
It completed a refinancing transaction resulting in the issuance of $27.5 million aggregate principal amount of nine per cent convertible unsecured debentures to Sentient in relation to the loan conversion and debenture exchange agreement that it made in November last year.
Moreover, the firm has made significant efforts in restructuring its corporate management by shifting most of its activity to its PNG operations and corporate office from Australia to Canada.
The firm also announced the appointment of its current director and Sentient representative Mr Pieter Britz as the new chief executive officer.
Mr Alex Dann is the chief financial officer and Mr John Mears is the chief operating officer.
All these efforts were made to strengthen its mine development team and reduce operational and overhead costs.
It made known also that the company entered into a non-binding memorandum of understanding with the Madang Development Corporation, the business arm of the Madang Provincial Government, to supply power solution for industrial and domestic electricity consumers in Madang Province.
Meanwhile, the firm is emerging a new structural model that controls mineralisation to great effect recently and has resulted in new mineralisation of potentially higher grade outcrops at what is being called Rima Block.