MINUTE EXPERT ACTIVE MINES IN PNG

Ok Tedi

What’s mined: Copper, gold and silver. Where: Western Province

Start of operations: 1984

After a tough two years due to COVID-19, which forced a temporary shutdown of operations, state-owned Ok Tedi Mining – which operates PNG’s largest copper-gold mine at Mount Fubilan – recently had the mine’s life extended to 2033.

Having spent more than PGK350 million on exploration in recent years, the miner expects to generate over PGK19 billion in dividends for PNG over the next 11 years.

Porgera

What’s mined: Gold and silver. Where: Enga Province

Auditors, Liquidators, Business & Tax Advisers

Start of operations: 1990 Porgera, the country’s largest gold mine, has over the last 28 years produced more than 20 million ounces of gold and contributed around 10 per cent of PNG’s total annual exports.

Kainantu

What’s mined: Gold

BY MARK STORY

■ External & Internal Audits of Companies, Associations and Trusts

■ Relief Accounting, System Reviews, Procedures Manuals, MYOB Training and General Accounting Support

■ Start Ups, New Companies, Joint Ventures, Foreign Company Approvals, Registered for Online Lodgments

■ Tax Planning, including Foreign Contracts, International Agreements & Exit Strategies

PROVIDING SPECIALIZED SERVICES TO: Mining Subcontractors, Agriculture, Construction, Manufacturing Sectors & NGO’s

For a professional, competitive and timely service contact:

Tel 472 7910 Head Office

Porgera has been under care and maintenance since April 2020 when it closed pending a resolution to ongoing negotiations between the State and joint venture partner Barrick Niugini. After approval of a 25-year special mining lease, Porgera is expected to reopen this year under a 51/49 per cent joint venture between PNG stakeholders and Barrick Niugini.

Lihir

What’s mined: Gold

Where: New Ireland Province

Start of operations: 1997

Ranked the world’s third-largest gold mine, the Newcrest Miningowned Lihir open-pit mine has an estimated 45 million ounces of gold.

Where: Eastern Highlands Province

Start of operations: 2006

Kainantu was acquired by Canadabased K92 Mining from Barrick Gold in 2014, and since then has transformed from an unproductive mine into one of the country’s most prospective gold mines, with forecasted production between 42,000 and 46,000 ounces annually.

Since acquiring Kainantu, the miner has invested around PGK1 billion in refurbishment and expansions and was recently granted a 10-year lease extension to 2034.

Hidden Valley

What’s mined: Gold and silver

Where: Morobe Province

Start of operations: 2010

Operated by Harmony Gold, Hidden Valley is expected to produce over 150,000 oz of gold this year. Current resource estimates suggest it will close in about five years.

Ramu Nickel

What’s mined: Nickel and cobalt

Where: Madang Province

Start of operations: 2012

PNG’s only nickel mine and refinery, run by China’s MCC, has just celebrated its 10th birthday. It produced 34,000 tonnes of nickel in 2022, much of which went into battery production.

Simberi

What’s mined: Gold

Where: New Ireland

FCAUK, FCPAPNG (Partner)

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Fax 472 7908 Lae

Mobile 70428092

Email jc@kapiandclarke.com.pg

Following the recent endorsement of a feasibility study, Newcrest has approved a PGK696 million expansion.

Start of operations: 2008

Run by St Barbara, Simberi is estimated to contain up to four million ounces of gold.