PNG Mining Grows as OTML Acquires Misima Project for K158.5 Million
Ok Tedi Mining Limited (OTML) has officially announced the acquisition of the Misima Gold and Silver Project after reaching a binding agreement with Kingston Resources Limited.
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The company disclosed that the purchase will cost AU$60 million (around K158.5 million) initially, with a possible AU$35 million (K92.4 million) to follow, depending on further project developments.
OTML Chairman Mark Stone said the transaction is a milestone that underscores Papua New Guinea’s re-emergence in the global mining arena and OTML’s transition into a multi-mine operator.
The Misima Project, located in Milne Bay Province, is estimated to hold 3.8 million ounces of gold and 22.1 million ounces of silver.
Stone emphasized the importance of the acquisition in line with OTML’s strategic focus on sustainable growth and government partnership.
He said the project’s revival under OTML could support national development goals and Vision 2050 objectives to create wealth and opportunities.
The Misima mine, formerly an open-pit operation run by Placer Dome Inc. between 1989 and 2004, yielded 3.7 million ounces of gold during its lifetime.
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