PAPUA New Guinea has more than 120 identified mineral deposits, primarily comprised of copper, nickel, gold and associated metals like silver, cobalt and molybdenum, according to the Kumul Minerals Holdings Limited (KMHL).
KMHL managing director Sarimu Kanu said many projects were in the permitting phase with development expected later.
They include the Wafi-Golpu Copper-Gold, Frieda River Copper-Gold, Yandera Copper-Gold-Molybdenum, Misima Gold, Woodlark Island Gold and Mt Kare Gold.
Kanu said during the PNG-Asia Investment Conference in Hong Kong last week that KMHL had the potential to grow into a globally significant mining company.
“KMHL attributable revenue could sustainably exceed US$2 billion over the next 25 years and beyond,” he said.
“Through the exercise of state equity options, targeted investment in development projects, and construction of downstream processing facilities, KMHL is constructing a diversified portfolio of assets.
“KMHL is seeking to ensure the orderly, responsible and sustainable development of PNG’s mineral resources.”
Kanu said PNG was host to several world class mines in terms of production and operating cost performance.
They included the Ok Tedi Copper-Gold Mine, Porgera Gold Mine (New Porgera Limited comprising of Barrick Gold, Zijin Mining and KMHL), Ramu Nickel-Cobalt Mine (Metallurgical Corporation of China (MCC), Lihir Gold Mine (Newcrest Mining), Simberi Gold Mine (St Barbara), Hidden Valley Gold Mine (Harmony Gold).
Kanu said KMHL’s role as the State nominee company for holding shares in Minerals Projects had resulted in the development of a strong portfolio.
“KMHL intends to leverage this portfolio to enter into new investments and partnerships across the PNG minerals sector,” he said.
“KMHL’s primary assets are Ok Tedi Mining Limited with 67 per cent, New Porgera Ltd (36 per cent).
“KMHL are also engaged in negotiations to secure significant holdings in future assets such as – Wafi-Golpu Joint Venture – 20 per cent.”
Statement/TheNational/PacificMiningWatch
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