Lole Mining to take ownership of Tolukuma Mine

By: Miriam Mandibi October 06, 2022

Photo: Executive Managing Director Howard Lole and Larry Andagali of Lole Mining Limited presenting K20 Million payments Liquification to BSP 

Local mining firm, Lole Mining Ltd has paid K20 Million to the Liquidator Pini Accountants and Advisors on Monday, 22nd of October as part of its process in the transfer of ownership of Tolukuma gold mine in the Central Province. 

Lole Mining Ltd (LML) is now the owner of the Tolukuma Gold Mine. LML Executive Director Howard Lole, Director Larry Andagali and PNG based Lawyer Steven O'Brian with principal liquidator Andrew Pini presented the ML 104 license transfer instruments on Tuesday 4th of October to Mineral Resources Authority Registry to formalise the process on the tenement holding. 

MRA Executive Manager for Regulatory Division Stanley Nekitel and transferee (LML) was present to MRA to enter in the registry to formalize the holder.

Mr. Nekitel explained that the custodian of the tenement who is the liquidator is satisfied and has informed MRA to capture the name of the transferee as the legal holder of Tolukuma mine Tenements.

Mr. Pini said he had given notice to MRA in writing after the K20 Million was paid on Monday to complete the deal. 

LML Managing Director while thanking the liquidator and MRA said many critics have said it was impossible but thanked the guidance of MRA that they have made it this far. 

I appreciate the support given to me by my supporters and colleagues who have helped me along the way including Mr. Larry Andagali for investing into the establishment of Lole Mining. 

"I've dreamed that one day Papua New Guineans should try their best to have ownership of our our resources".

Present at MRA office to witness the occasion was Managing Director of MRA Jerry Garry and Larry Andagali who is also Managing Director of Transwonderland Group of Companies, both thanked all parties involved for reviving the Tolukuma Mine. 

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