Frieda River

Positive economic growth delayed

During the launching of the World Bank Economic Update Report on PNG, World Bank Senior Economist for Papua New Guinea, Ilyas Sarsenov, said PNG’s economy in the future remains positive.

The delays in major resource projects means the mid-term will remain sluggish.

PanAust finalises Scope for Frieda feasibility study

PanAust, who manages the Frieda River Project, says work is continuing on a feasibility study and Environment Impact Statement for the Project based on a shared-use infrastructure model that will support PNG’s regional and national development objectives.

The company says it has revised the scope of the Project to integrate with the Government of PNG’s development strategy plan.

“The revised scope supports a mine life of 30 years and greater extraction of the extensive mineral resource by leveraging third-party shared use infrastructure.”

PNG mineral prospects high

The Minerals Resources Authority said positivity remains high following the registration of the Frieda River and Wafi-Golpu SMLs and the entry of Anglo American, as reported in the Mining and Petroleum Review (Vol.4 Issue 3).

The SML applications have been described as a unique situation in PNG mining history as there has been, on average, one project per decade.

The MRA says active licenses have increased for the period January to August 2016, from 125 to 134 (a 7 percent increase), which is consistent with the renewals increasing from 54 to 68

Chinese company doubles PNG copper mine cost to $3.6 bln

State-owned Guangdong Rising Assets Management Co Ltd (GRAM) [GDRAM.UL} bought into Frieda River in 2015, in line with moves by Chinese companies to pursue offshore copper mines to feed demand in the world's biggest user of the metal.

The project has still to gain formal financing and no date has been set for construction, said Joe Walsh, corporate development officer at GRAM subsidiary PanAust.