THE overall approval and permitting process for the special mining lease application and other permits and approvals for the Frieda River copper/gold project in West Sepik , Papua New Guinea is now being coordinated by a government-appointed team.PanAust announced this in its quarterly report to Dec 31 last year.
PanAust holds an 80 per cent interest in the project.
The company lodged a special mining lease application with the Mineral Resources Authority (MRA) and environmental impact statement (EIS) with the Conservation Environment Protection Authority in 2016.
PanAust is investigating opportunities to increase the value of the project and access alternative development pathways to decrease capital expenditure and reduce the overall project risk profile.
A study to investigate these opportunities continued throughout the quarter, and indicated several potential pathways for value enhancement.
Meanwhile, PanAust reported that the company ended 2017 in a strong position on the back of improved metals prices, record copper production at its Phu Kham Copper-Gold Operation, and ongoing vigilance to maintain a lean cost structure.
Managing director Dr Fred Hess said in 2017, it was PanAust’s people aligned to the company’s vision and values and corporate strategy.
“Keeping our people safe is a duty that every leader in our company believes in and takes seriously,” he said.
“We demonstrate this by improving the challenging safety targets we set for ourselves.
“At year end, PanAust’s 12-month rolling total recordable injury frequency rate was 0.83. Not only is this better than industry averages, it is also a 28 per cent improvement on the company’s 2016 result.”
Hess said the Frieda River project represented PanAust’s long-term strategic growth opportunity.
“In 2017, we made significant strides towards making the project a reality through identifying opportunities to significantly increase the value of the project, decrease capital expenditure, and reduce its overall risk profile,” he said.
“We will continue to evaluate these opportunities in 2018.” The National/PMW
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