ThPNGIndustry News website has reported that Petromins mining and petroleum assets will be transferred into two ther state owned companies.
An un-named spokesman saidthe changes will make all of Petromin staff redundant. Betthere will be opportunities for them in ther companies.
Petromin PNG Holdings is tight lipped about news of its disbandment. Petromin staff also refused to comment when EMTV News arrived atthe headquarters for a possible news interview.
Petromin’s existing assets includethe Tolukuma gold mine and a string of associated exploration licenses.
Petromin also has a 30% stake in Nautilus Minerals' Solwara 1 Deep Sea mining project in PNG with Nautilus claiming it owes more than $A50 million for its share of development costs so far.