The Frieda River Project in West Sepik will contribute to enhancing the prosperity of Papua New Guinea.
Dr. Fred Hess, Managing Director of PanAust said this when talking about the risks and rewards of this project.
Frieda River has the largest known gold and copper deposits in the world with over 2 billion tonnes, and the O’Neill-Dion Government has committed to assisting the project at its various stages of development.
Dr. Hess said the Frieda River Project is one that’s been known for about 50 years. PanAust and its joint venture partner, Highlands Pacific are aiming to bring the project into development very soon.
They have already submitted a special mining lease application.
Prime Minister, Peter O’Neill, said the government was committed to the project.
The Project is a substantial open cut mining operation, dominated by a large storage facility.
Dr. Hess said the project will generate substantial revenue that will be shared around a number of stakeholders including; local communities, provincial government, the national government, the company and its shareholders who will all benefit from this project going forward.