DEVELOPER of the Yandera copper project in Madang Province, Marengo Mining Ltd, yesterday announced that it has entered into a Memorandum of Understanding (MoU) with the business arm of the Madang Provincial Government for power supply in the province.
Marengo Mining in the announcement on the Port Moresby stock exchange said the agreement was to cooperate in, and explore becoming an off-take party, in relation to a power supply solution for industrial and domestic electricity consumers in Madang Province.
The Madang Development Corporation was established in 1977 and is the business arm of the Madang Provincial Government.
The MDC was created to develop and operate commercial ventures on behalf of the Madang Provincial Government.
The MDC is currently in discussions with international foreign investment groups, interested in investing in power generation and supply, within Madang Province.
Under the terms of this non-binding MoU, which was signed in the presence of Madang Governor Jim Kas, Marengo Mining Ltd and the Madang Development Corporation have agreed to cooperate in advancing these discussions.
The Post Courier