By Godwin Eki – EM TV, Port Moresby
Papua New Guinea Mineral Resources Authority (MRA) has showed its appreciation to the new developer of Frieda River Copper-Gold Project, and its shareholders, to work effectively in partnership to develop the project.
The Boards of Directors are currently in the country following the project implementations and in discussions with landowner communities.
Managing Director, Philip Samar, appreciated the government’s deals with landowner communities and shareholders.
The Mineral Resources Authority (MRA) has assured new developmen’s of Frieda River Copper-Gold Project PanAust and its shareholders, that it is to serve and work closely with the company to develop Frieda Project, in West Sepik Province.
Mineral Resource Managing Director, Philip Samar, told the Board of Directors of PanAust at the Mining Haus on February 5 2015, that MRA on behalf of the Papua New Guinea Government, had a very clear, transparent and competitive regulatory framework and policies, making sure projects are developed to mutually benefit all stakeholders including the government, landowners and the companies.
Mr Samar was responding to questions from the directors on issues such as how the government handles and deals with landowner issues including benefits and loyal distribution.
Currently the directors are in the country on a familiarisation visit of the project. Their visit to the project site is to symbolise the company’s entry to the Papua New Guinea Mining industry.
Earlier in the week, the landowner communities met with the directors at the project site. Government’s efforts have been acknowledged by the people to attend to issues arising from the project and expressed satisfaction on the progress of the project so far.
Frieda Project ownership is jointly shared by PanAust 80% shareholding, and Highlands Pacific 20%, with the Government of PNG, having the option to acquire up to 30% from the project.
Annual production is projected to be 100,000 tonnes of copper and 160,000 ounces of Gold with the project development