MISIMA TO KICK-START PNG GOLD REFINERY

BY KEIGHLYAR GODE

OK Tedi Mining Limited says its newly acquired Misima Gold Project in Milne Bay Province could be the starting point for the country’s gold refining ambitions.

Misima has an estimated mine life of around 20 years, with a gold resource of five million ounces.

During the recently stake holder update in Port Moresby the company says the project is expected to generate significant annual revenue, with more than K230 million in royalties alone.

Therefore, under the current plan, Misima is targeting its first gold production by 2030 or 2031depending on the pace of development.

Ok Tedi General Manager Allan Bong says the vision is to produce gold bars that could be kept at the Bank of Papua New Guinea as part of the country’s national treasury.

The company says it has reviewed and optimised the mine design acquired from Kingston Resources, including adjustments to the open pit and waste dump areas to ensure communities are considered and waste facilities are properly managed.

Mr Bong says discussions and development work are progressing with SIPA and the Mineral Resources Authority.

He says the company is also advancing exploration, with two projects underway and another expected to be introduced early next year, to establish whether the gold resource could exceed 5 million ounces.

Mr Bong said islands in the Misima area could also be incorporated into the project to expand its development potential.

He says the project will finance by Ok Tedi and developed through proper planning and cooperation with landowners, government agencies and other stakeholders.