PNG's Tolukuma Mine assets put on sale

Papua New Guinea TOLUKUMA Gold Mine’s (TGML) liquidator Pini Accountants and Advisors has offered for sale by public tender the mining lease 104 and other mine assets as a package. The liquidator in a public notice, stated that the sale was on a strictly “as is where is basis”.
The firm said the sale comprised the existing tenements, pending tenement applications and various assets including buildings, plant and equipment, machines and motor vehicles which were all situated at mine site in Central with a few assets located at Veimauri transit location outside Port Moresby.

The firm said there was one active exploration licence (EL) 2385 which was held by the company and four pending exploration licences: ELA2535, ELA2536, ELA2538 and ELA2539, in the surrounding areas of the current mining lease which could be explored for expansion of the operation.
Mineral Resources Authority managing director Jerry Garry said his office was aware the mine had been put into liquidation by the National Court at Waigani on Feb 7, 2018, under the provisions of the Companies Act 1997.
“Andrew Pini of Pini Accountants and Advisors was appointed by the same court as the liquidator of TGML,” he said.
Garry said the same court also ordered the Tolukuma mine to pay Hevi Lift Ltd and IPI Catering Services costs and incidentals of the proceedings, due to monies owed to them by the mine.
“From the date of the court order to the date of sales, Tolukuma Gold Mine’s shall continue to be fully subjected to the Companies Act,” he said.
Garry said his authority had cooperated with the liquidator to ensure the properties are preserved and properly aligned for sale.
“The Mineral Resources Authority will also fully cooperate with all the bidders, during the due diligence stage to ensure tenement status, potential obligations and other regulatory process will be made transparent to the bidders for compliance purposes.”
Garry said after the sale, the Mining Act and the Mining Safety Act and regulations would be imposed to ensure safety and regulatory compliances. The National/PMW

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