Chief executive Bob Vassie, managing director Tim Richards and executive officer Tim Omundsen presented its 2019 first quarter overview to the New Ireland Provincial Government.
“Providing these services for the local people is seen as an investment for us too, because we will also benefit greatly when the locals who are also our employees are better educated and live in a healthy and conducive environment,” Richards said.
Vassie said Simberi is producing 120,000 ounces of gold per year since inception and as production picks up it is heading towards producing its 1 millionth ounce of gold with forecasts into the future looking bright.
The company has spent K22 million on exploration and is very keen on renewing its mining lease for another 10 years. This will cost K200 million to extend the mines life.
The landowners and the Central LLG where the mine is located get royalties. Although the New Ireland Government does not receive any revenue from Simberi, Sir Julius commended the company for its numerous community empowering initiatives. “You have proven that you are an extension of the government with the kind of community projects you are already implementing on the ground,” Sir Julius said.
“You have captured the hearts and minds of the PEC. We will support you without any hesitation at all for the extension of the mine lease.” The National
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