PanAust

Mining Minister, Sir Ano Pala says the approval of these exploration licenses is a demonstration of the government’s commitment to move the Frieda River Project forward.

Since 2014, PanAust has committed over $260 million US, which is well over K870 million, on the Frieda River Project through the two feasibility studies completed in 2016 and 2018.

PanAust General Manager Studies, Phil McCormack, says this includes ongoing community support, government relations and stakeholder engagements.

The complaint was lodged by local organisation, Project Sepik Inc. and Australian NGO Jubilee Australia Research Centre, on behalf of the affected community members.

PanAust Managing Director, Fred Hess, said this recently in Australia during the PNG Chamber of Mines and Petroleum Conference in Sydney.

Business Advantage PNG reports Hess saying the project is of national significance and will create many local jobs and open business opportunities.

However, he warned of the many challenges which include environmental conservation and the lack of infrastructure.

“There are no free lunches. We must be mindful of the risks of developing large scale projects.

Speaking during the PNG Chamber of Mines and Petroleum Conference in Australia early this month, PanAust Managing Director, Fred Hess, highlighted the obstacles the resource company faces before it makes a final determination on the Frieda River Project.

According to Business Advantage PNG, these challenges include the environmental issues, infrastructure, the copper price and the policy environment.

The lodgement of the application satisfies a ministerial condition placed on the key Exploration Licence (EL58) that an application for an SML in respect of the Frieda River Mining Project be made on or before 30 June 2016.

The Frieda River Project represents the next generation of mining operations in Papua New Guinea and if developed, has the potential to make a strong contribution to the national economy through the development of major shared-use infrastructure.