Frieda River Ltd. (FRL) is celebrating Papua New Guinea’s 50th year of independence, congratulating the people and government on this historic milestone.
FRL reaffirmed its commitment to work with communities, stakeholders, and the government to advance the nation-building Sepik Development Project (SDP). The company is awaiting environmental permits and preparing for the special mining lease process to develop the Horse-Ivaal-Trukai-Ekwai-Koki porphyry copper-gold deposit, which holds an estimated 12 million tonnes of copper and 19 million ounces of gold.
“The copper-gold deposit at the centre of the Sepik Development Project was discovered before Independence. Frieda River can be a nation-building project, delivering sustainable development for generations,” said Phil McCormack, FRL’s project director.
As FRL staff observed the public holiday, PanAust’s Brisbane office prepared to host a lunch on Thursday, 18 September, to celebrate the occasion. The event will be catered by Lambinades, a Brisbane-based, Papua New Guinean–owned company.
“I consider PNG a second home and am looking forward to continuing to celebrate the 50th anniversary of Independence alongside my colleagues and friends,” McCormack said.
The SDP is expected to deliver both local and nationwide benefits, with direct and indirect contributions anticipated to be significant and far-reaching. Since 2014, PanAust’s investment in the project has exceeded $290 million, supporting education, healthcare, and community infrastructure in addition to project development.
At its peak, the Frieda River Copper-Gold Project and Frieda River Hydroelectric Project are expected to generate more than 5,000 full-time jobs, with 90% targeted for local employment. That figure has already been exceeded and sustained by PanAust’s Phu Bia Mining operation in Laos throughout the life of its mines.
The SDP will also create indirect benefits by unlocking business opportunities and stimulating investment in social assets by project partners.
