PNG Company Lole Mining ltd to Operate Tolukuma Gold Mine

 THE mining license for the Tolukuma gold mine  in Papua New Guinea will be transferred to Lole Mining Ltd – a local company with international partners.

This will be done when transactions to offset liabilities for the mine are completed, according to the Mineral Resources Authority (MRA).

Jerry Garry (Photo by The National ) 

MRA managing director Jerry Garry told The National that an application for the registration of the deal has already been dealt with by the mining advisory council.

“We are waiting for them to conclude their transaction and they will ask us to transfer the licence to the new operator,” Garry said.

“We have approved the deal tabled by Lole Mining.

“The liquidator, Andrew Pini, recommended that the deal be registered, something we have already recommended to the mining minister. Secondly, we will then transfer the licence to Lole Mining. They don’t own the licence yet.

“They have entered into an agreement with the liquidator who is happy with their arrangement.

“Upon paying certain amounts of money to offset the liabilities from the Tolukuma gold mine, then he will recommend to us the deal is in order.” He said the MRA would have it registered and the tenements transferred to them, including the adjoining exploration licenses.

It is anticipated that all these will be completed this year.

The mine is located in the Goilala district of Central.

The National / Pacific Mining Watch 

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