Firm reviews involvement in mine
The Kumul Mineral Holdings Ltd (KMHL) is reviewing its involvement in mineral exploration and participating in large projects, says chairman and acting managing Peter Graham.
Graham said that recent amendments to the Mining Act opened opportunities for a broader role in mining than previously.
“KMHL holds a number of legacy assets and liabilities assumed from its predecessor Petromin,” he said.
“Those assets are being systematically rationalised and divested to ensure that the company is in a position to successfully pursue its mandate under the Kumul Minerals Authorisation Act as a commercial enterprise whose activities and investments benefit the State.
“The company is now positioned to acquire and manage investments in mining assets on behalf of the State.
“KMHL’s core asset is the 67 per cent ownership of Ok Tedi Mining Ltd, while the 17.4 per cent ownership interest it held in the Bougainville Copper Ltd has been pledged to the Panguna landowners and the people of Bougainville.”
He said KMHL “will hold any interest that the State may acquire in the Porgera mine and the proposed Wafi-Golpu project”.
“The loan associated with Petromin’s participation in the stalled Nautilus Solwara 1 deep sea mining project was covered by a State guarantee.
“That debt is now being transferred from KMHL to Treasury. Recovery of Petromin investments in exploration of the Elk/Antelope gas resource and development of the Pasca project is also expected.”
Meanwhile, he said that Kumul Mineral Holdings Ltd remained a small organisation with an ability to draw on expertise under a services agreement with Ok Tedi Mining Ltd and from consultants.