The Asia Miner

JUL-SEP 2019

The ASIA Miner - Reporting Important Issues to Mining Companies in the Asia Pacific Region

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Page 16 of 59

the asia miner • volume 16 • issue 3 15 REGIONAL FOCUS: PNG & South Pacific As reported by local media, Madang's Ramu nickel mine has been issued a noঞce to stop transporঞng chromite from the mine area in Kurumbukari to Lae for export. The Madang government issued the noঞce to Ramu NiCo management last Thursday following concerns raised by locals who use the Yuriya River. Madang acঞng deputy provincial administrator Markus Kachau said the noঞce issued was for the mine to stop transporঞng chromite unঞl the Yuriya Bridge had been fixed by the Works Department. Mr Kachau was reported as saying that the trucks transporঞng chromite had direct contact with the chromite before leaving Kurumbukari for Lae, with chemicals covering them transferring to the water, and subsequently polluঞng the area. Madang works manager Andrew Kendaura said they had created a bypass for vehicles to cross while the bridge was being fixed. However, Mr Kachau confirmed that while other vehicles could use the bypass, trucks carrying chromite would be barred. Mathew Yakai, on behalf of the Ramu NiCo, commented that the company would adhere to the noঞce as it "was commi•ed to building a good relaঞonship with its development partners". Mr Yakai, however, said having good communicaঞon and understanding to deliver the project was vital for the company and they needed to limit the stoppages to their operaঞons. Mr Kachau said people's health and welfare was the priority and the provincial government would do all it could to protect the people along the Yuriya river. Mr Kendaura said material had been brought in from Madang and Lae to fix the bridge. This arcle first appeared in PNG Mining News Ramu NiCo gets notice to stop moving chromite Coppermoly limited's submission for exploraঞon licence EL2578 Kori River has been approved by the Mineral Resources Authority of Papua New Guinea. EL2578 comprises 116 sub-blocks, covering an area of approximately 315km 2 that encloses the Company's exisঞng Simuku exploraঞon licence. This includes areas near the boundary of the Simuku exploraঞon licence that show encouraging signs for potenঞal conducঞve and resisঞve anomalous zones. The EL2578 licence is valid for an iniঞal term of two years at which ঞme the Company may apply for a further extension. The company's minimum expenditure under the exploraঞon is K50, 000 (AU$21,181) per annum for the iniঞal two years. The company also advises that it has signed a contract with Austhai Geophysical consultants to conduct an IP survey of the Simuku exploraঞon licence. The IP survey will follow up the highest ranked VTEM anomalies Licence granted to Coppermoly for Kori River Exploration Map showing locaons of the Company's exploraon licences including the newly granted EL2578 to delineate greater detail to allow for idenঞficaঞon of drill targets. Coppermoly explores and develops copper, gold, molybdenum deposits. The company has projects, which are in line with its corporate strategy of exploring versaঞle metals close to the exisঞng infrastructure. It has an inventory of over 2 billion pounds of contained copper in two deposits. On the financial front, the company reported a loss a[er tax for the half- year ended 31 December 2018 of AU$378,760 as compared to a loss of AU$236,969 in the prior corresponding period. The current exploraঞon and evaluaঞon work in Papua New Guinea was funded by the group during the half-year. Moreover, during the period, the significant changes in the company that occurred were on 13 November 2018, Jade Triumph Internaঞonal Limited agreed to extend the maturity date for the converঞble notes by further 24 months to 19 December 2020. The other terms of the converঞble notes remained unchanged, and the company raised AU$2.4 million according to a non-renounceable pro-rata enঞtlement offer of one new fully paid ordinary share for every three shares held at AU$0.007 per share. A total of 345,381,843 fully paid ordinary shares were issued on 2 January 2019.

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