Tolukuma

Johnson Tuke said he was not aware of it when contacted by Loop PNG.

Yesterday, chairman of the Yulai Landowners Group, George Gusi, announced on social media the ultimatum, which lapses on Nov 20, for the withdrawal of the licence from Asidokona.

When contacted by Loop PNG, he said landowners would shut the mine down if the ultimatum was not met.

Gusi claims Asidokona does not have the capacity to operate the mine.

The chairman previously snubbed the signing of the Memorandum of Agreement (MOA).

This will come from the sale of gold from the gold mine.

This is the first of five major commitments outlined in the revised Tolukuma Gold Mine memorandum of agreement (MOA) signed yesterday in Port Moresby.

The commitments were announced by Mining Minister, Byron Chan, who urged the landowenrs to look after their money.

Mining Minister, Byron Chan, said this during the signing of the revised mining project Memorandum of Understanding (MoA) for Ok Tedi.

Chan, however, said this figure will exceed once Wafi and Frieda come into production in five years’ time.

“I have been working closely with the government team to approve these MOAs that have been completed for existing mines and new mines and for the State’s commitments, amounting to K155 million over the next 5 years under each of the MOAs,” he said.

Lifebrandz Ltd (“LB”), a company listed on the Stock Exchange of Singapore (“SGX”), announced on July 13, 2016, it has entered into a Non-Binding Term Sheet (“Term Sheet”) with Asidokona Mining Resources Pte Ltd (“ASDK”), for the proposed acquisition of Tolukuma Gold Mines Ltd (“TGM”).

The Term Sheet also includes the requirement for LB to provide funds to TGM for its operations prior to the completion.