• PNG Business News

Tolukuma Mine to Resume Ops: MRA



The Tolukuma Gold Mine in Central Province has a new investor.


They have been identified by the liquidator Andrew Pini of Pini Accountants.


Mineral Resources Authority managing director Jerry Garry in a press gathering last Friday told reporters that work will begin soon at the mine following Mining Advisory Council’s satisfaction on the new work program provided by the investors.


Mr Garry confirmed that the new investor applied under a company name Tolukuma Corporation Limited through advisers Alliance Pty Ltd and Beacon Financial Group.


Mr Garry said the investor has submitted their documentation or paperwork through MAC who found it to be satisfactory and have given the investor the ok to do more exploration work on the mine itself.


In the submission, the investor stated that K50 million will be spent on phase one (mine refurbishment and environment work) and K15 million will be paid to the liquidator to settle outstanding debts.


He said soon there will be some action happening in terms of refurbishing the mine and conducting more resource drilling to know how much gold is there before they can be granted a mining license.


“The biggest problem with Tolukuma mine is that the last operator had not committed to what we call resource drilling.


“We need to know how much is there before you go in and mine. Every time you mine we must know how much is in the metal inventory and that has never been done for Tolukuma,” Mr Garry said.


“They were trying to sell the project to other partners but there is no metal inventory. Without the metal inventory, you can’t sell the project because people want to know how much gold you have in that project.”


He said that was and has always been a challenge for Tolukuma.


“The new investor has agreed and made a commitment to do resource drilling to find how much gold is there.


“And we will be doing some evaluation work to identify the current value of the mine,” he said.


“Because when we give license it will be based on how much metal is there and the production rate that they will be exploiting every year to give us the comfort to permit them for a certain number of years.”


Tolukuma’s current Mining Lease will expire on the 28 of August 2022.


Source: https://postcourier.com.pg/tolukuma-mine-to-resume-ops-mra/

PNG Business News

2nd Floor, Suite 6,

Corinthian Plaza Building,

Paseo De Roxas, Legaspi Village,

Makati, Philippines

Phone: +632 251 5599

Subscribe to Our Newsletter

  • White Facebook Icon

© PNG Business News