Hess underlined the commitment of the project partners to develop Frieda, adding that significant progress had been on the feasibility study for the project.
During a visit to Port Moresby last month, he met with senior ministers including the Mining Minister and managing director of the Mineral Resources Authority (MRA) Philip Samar.
“The project stands to benefit from the support provided by long-term PanAust investor Guangdong Rising Assets Management (GRAM) which recently took control of PanAust after a successful takeover offer.
“The change in control will assist in the realisation of PanAust’s development plans for the project.
“Frieda River remains on track to become a world-class copper-gold operation which will be an important driver of economic growth for local landowners, communities, the provinces of East Sepik and Sandaun and Papua New Guinea as a whole,” Hess said.
Samar noted the good cooperation between government officials and the Frieda River Project.
“The MRA is working closely with PanAust and Highlands Pacific to ensure the full potential of the world-class Frieda River deposit is realised. Bringing the project to production is an important national priority,” he said.