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Coppermoly ltd says Lack of funding delays exploration

Staff Reporter | 6:46 PM |
COPPERMOLY Ltd says limited funding has hampered the company’s exploration effort in the past 12 months.
Chairman Kevin Grice said the firm’s focus had been on maintaining its assets and conserving cash while managing some of its low cost expeditions to acquire information on important prospects in the country.
Grice said during the company’s annual general meeting there were three main funding events in past 12 months which included a bridging loan with one of its major shareholders, Jelsh Holdings Pty Ltd, to borrow A$500,000 (K1,038,220m).
The loan was provided on an unsecured basis and was provided as interim financing used for general working capital purposes.
The loan was repaid by Coppermoly in December last year.
Grice said the company however continued to optimise exploration targets in its tenements.
“The company is exploring opportunities to collaborate with other significant mining companies to realise the full value of exploration assets and increase shareholder returns,” he said.
Coppermoly Ltd has five exploration licences granted in West New Britain.
Its flagship exploration tenements are Mt Nakru and Simuku in the province.
Grice said in September, Coppermoly was granted a new tenement EL2379 consolidating the Simuku and Talelumas exploration licences.
“As the Simuku prospect extends over both of those licence areas, Coppermoly decided to consolidate the two licences.”
He said the landowners were still the same.
“The new exploration licence covers exactly the same land, and has the same landowners, as the antecedent tenements but reduces the administration and compliance requirements for the licence.