• PNG Business News

Operator announces milestones in project

THE operator of the Woodlark gold mine in Milne Bay, Geopacific Resources Ltd, says it has completed significant milestones associated with progressing the project into production.

In a market release this month, Geopacific noted this following successful A$40 million (K79.38 million) capital raising announced on Oct 21 last year and commencement of civil works for the project.

The company had also successfully executed key work programmes that strengthened Geopacific’s ability to secure debt funding on commercially viable terms. The highlights include:

  • discussions with potential debt providers with A$40 million (K79.38 million) raised highlights the strength of Geopacific shareholders;

  • key work programmes on site are progressing; and,

  • Supportive relationship with the local island community.

Following the mobilisation to site of equipment, personnel and supplies last December, Geopacific had made substantiative inroads towards preparing the island for the construction of a 2.4Mtpa process plant and relocating a small village currently located on the mining lease.

This progress confirmed the capability of the existing board and senior management team to operate successfully in the country and completed significant milestones associated with progressing the Woodlark gold project.

The success of the current activities on site will strengthen the ability of Geopacific to secure appropriate debt funding on commercially viable terms.

Managing director Ron Heeks said: “Meeting several critical milestones in a short time frame has proven to be a strong catalyst to advance discussions with potential debt providers.

“The success of the civil works campaign currently underway at the Woodlark gold project has Geopacific well placed to progress towards a project funding solution.”

Heeks said the current work programme continued to demonstrate that operating on Woodlark Island has benefits for the firm.

Source: https://www.thenational.com.pg/operator-announces-milestones-in-project/

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