Giopa Holdings Ltd got their exploration licence from Mineral Resources Authority to explore copper and gold in Kufia-Kombofari prospect area on the border of Eastern Highlands and Madang last week.
Managing director Kondango Wau said it was their objective to have ownership of the resources and the licence would allow them to explore their own resources without foreign control.
“Our resources were formerly owned by a foreign miner that owned the exploration licence to our land. We saw that we were missing out from any development that was supposed to come to us from the exploration that was happening on our land.
“We saw that there were other areas in PNG that were owned by foreign companies that went in for exploration activities. Their exploration report did not indicate the to landowners of what was available on their land.
“For us, we couldn’t be just landowners and claim for environmental damages and royalty issues but we wanted to take ownership, 100 per cent equity and not royalty.
“And that was the main aim for us to have ownership of the land so that we have exploration data available so that we could eventually venture into mining if the data proved viable.
Wau said the company was locally funded by the 59 clans of the prospect area with support from provincial and National governments.