PANAUST Ltd has invested over US$260 million (over K939.9 million) to date since 2014 on the gold-copper Frieda River project, says general manager studies Phil McCormack.
McCormack said in Port Moresby yesterday after the Mineral Resources Authority (MRA) granted an extension of exploration tenements to PanAust.
“We have spent to date over US$260 million on the Frieda River project on the two feasibility studies that were completed, the one in 2016 and then the 2018 addendum to the original SML (special mining lease) application.
“And then ongoing community support, government relations and stakeholder engagement that we are committed to in the area so that we maintain a full site presence, 26 staff on site and then we assist with helicopters, medical emergencies, education, health with the community as well, and we support that since 2014.
“Some of the infrastructure that these tenements sit on, we have our main access road, which is the access into the project site, we have the project processing plant area, which is just off the SML application, the mining infrastructure on the SML and then the Frieda River airstrip, which is our airport that we do continue to run,” he said.
“We have our hydro dam, a 600 megawatt (MW) hydro dam proposed to be built on the Frieda River, and then within that area all the LMP (lease for mining purpose) area, all the infrastructure will be covered with EL (exploration licence) to start with and then LMP, SML or mining lease or those.
“It is an installed capacity of 600 MW but the power system is configured to generate up to 490MW which represents almost half of the PNG Development Strategic Plan’s for 2010-2030 for hydroelectric expansion target of 1,020MW by 2030.
“Power will be available for both the mine and the other users.”
The National / Pacific Mining Watch