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Singapore firm buys Tolukuma mine in Papua New Guinea

Staff Reporter | 7:44 PM |
A COMPANY in Singapore has bought the Tolukuma gold mine in Central for around K81.35 million to re-capitalise and eventually restart the mine.
The official exchange of the share sale agreement took place last Wednesday between Petromin Holdings Limited and Asidokona Mining Resources Ltd. 
The ceremony was witnessed by Petromin chairman Sir Brown Bai, Mining Minister Byron Chan and the Mineral Resources Authority managing director Phillip Samar. 
Petromin managing director Thomas Abe said Petromin recognised several years ago that the struggling Tolukuma mine was best divested. 
“We have a buyer who has the integrity, the will, and the capacity to reinvigorate the Tolukuma mine,” he said. 
Asidokona Mining Resources Ltd executive chairman Philip Soh said the company would be run by Papua New Guineans. 
As per the agreement, the Central provincial government and landowners would have a 10 per cent shareholding in the new company at no cost to them.
The deal includes a K6 million commitment by Asidokona to assist in funding the construction of a new road, which will not only benefit the mine but open up Goilala district to further exploration and provide people access to markets and basic services.
The company said while design and tendering on the new Doa-Tolukuma road continued, they would widen the existing horse trail currently being used by locals to reach the Hiritano Highway.
Chan highlighted the significance of a reputable Singapore investor choosing to invest in Papua New Guinea. 
“This is a sign of confidence in the country’s resources sector, and a lead for other investors to follow,” Chan said.
He thanked Petromin for bringing a reputable and committed investor to keep the mine open - for the benefit of the Goilala people.
Petromin would change its name to Kumul Minerals Holdings Ltd from January 1 next year.