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INDUSTRIAL MINING EXPO GATHERS STAKEHOLDERS

Lole Mining to take ownership of Tolukuma Mine

By Miriam Mandibi

Local mining firm Lole Mining Ltd has paid K20 Million to the Liquidator Pini Accountants and Advisors on Monday, 22nd of October as part of its process in the transfer of ownership of the Tolukuma gold mine in the Central Province.

Lole Mining Ltd (LML) is now the owner of the Tolukuma Gold Mine. LML Executive Director Howard Lole, Director Larry Andagali, and PNG based Lawyer Steven O’Brian with principal liquidator Andrew Pini presented the ML 104 license transfer instruments on Tuesday 4th of October to Mineral Resources Authority Registry to formalise the process on the tenement holding.

MRA Executive Manager for Regulatory Division Stanley Nekitel and transferee (LML) was present to MRA to enter in the registry to formalize the holder.

Mr. Nekitel explained that the custodian of the tenement who is the liquidator is satisfied and has informed MRA to capture the name of the transferee as the legal holder of Tolukuma mine Tenements.

Mr. Pini said he had given notice to MRA in writing after the K20 Million was paid on Monday to complete the deal.

LML Managing Director while thanking the liquidator and MRA said many critics have said it was impossible but thanked the guidance of MRA that they have made it this far.

I appreciate the support given to me by my supporters and colleagues who have helped me along the way including Mr. Larry Andagali for investing in the establishment of Lole Mining.

“I’ve dreamed that one day Papua New Guineans should try their best to have ownership of our resources”.

Present at the MRA office to witness the occasion were Managing Director of MRA Jerry Garry and Larry Andagali who is also Managing Director of Transwonderland Group of Companies, both thanked all parties involved for reviving the Tolukuma Mine.

MOROBE TO REVISIT HIDDEN VALLEY PROJECT AGREEMENT

According to Governor Luther Wenge, the Morobe government will review the 2005 Memorandum of Agreement (MOA) for the Hidden Valley project with developer Harmony Gold Mining and stakeholders.

According to Wenge, the original agreement from 2005 called for a review once the Hidden Valley mine had been in operation for three years.

“Many things stipulated in the agreement then have not been implemented,” he said.

“The last two governments failed to pursue this and to see that the developer complied with the agreement.

“I will start dialogue with the landowners, the Mineral Resources Authority (MRA), and Harmony so that the developer can comply where they have failed to,” Wenge said.

The open-pit gold and silver mine in Morobe’s Bulolo area was once a joint venture between South African miner Harmony Gold and Newcrest Mining subsidiary Newcrest Niugini.

To fully own the mine in the Wau region, Harmony acquired Newcrest Niugini’s 50% interest in the joint venture in 2016.

The developer declared attaining commercial levels of production in June 2018.

As the WafiGolpu Joint Venture (WGJV), Harmony and Newcrest also submitted an environmental impact statement (EIS) for the Wafi-Golpu Project to the Conservation and Environment Protection Agency on June 25, 2018. (Cepa).

Governor Wenge declared that he was in favour of the Special Mining Lease being signed by Wafi-Golpu next month.

“Wafi-Golpu is a priority now, but Harmony is very much aware that we will be revisiting the Hidden Valley agreement,” he said.

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