PRECIOUS METALS

PNG a premier mining destination: Freeport

Canada-based junior Freeport Resources has welcomed a two-year extension of its Nong River exploration licence at its Star Mountains portfolio in Papua New Guinea.

Staff reporter
 Freeport Resources’ Star Mountains project in PNG

Freeport Resources’ Star Mountains project in PNG

"We at Freeport cannot overstate the importance of this renewal to the company," CEO Gord Friesen said.

"It reinforces our belief that Papua New Guinea remains a premier mining destination globally, while providing us with the visibility to conduct our proposed work programs in the coming months."

Freeport's Star Mountains project is 25km from the Ok Tedi mine and is said to contain 7 million ounces gold-equivalent or 3 billion pounds copper-equivalent.

Meanwhile parties are working towards a restart for the circa 500,000 ounce per annum Porgera gold mine, which was shuttered in April 2020 after the PNG government refused to renew a special mining lease for the Barrick Gold-operated joint venture.

Barrick reached a framework agreement with PNG in April and Barrick said in its second quarter results this month the parties were "working towards the signing of definitive agreements, at which time, full mine recommencement work will begin".

Porgera continues to be excluded from Barrick's 2021 guidance.

Separately, Newcrest Mining and Harmony Gold Mining recently resumed talks regarding a special mining lease for their stalled Wafi-Golpu gold-copper joint venture in PNG.

"Discussion with the PNG government as it relates to the special mining lease recommenced during the fourth quarter of FY21," Harmony said last month.

Wafi-Golpu has an estimated 28-year mine life and is expected to produce 1.4Moz Au-eq at steady-state production.

Mining Journal Intelligence is set to publish the latest edition of its World Risk Report in October.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.