TROUBLED PNG miner Highlands Pacific saw its shares fall to a five-year low of A$0.105 yesterday after the Australian share market experienced its longest losing stream since 1990 over concerns of a looming US recession.
Highlands has fallen from a high of A$0.75 two years ago and from A$0.20 six months ago. Prices had stabilised at around A$0.14 following the sale of Highlands’ Kainantu gold mine to Barrick Gold.
However, the shares had now plunged to new lows in the wake of ongoing market uncertainty.
Marengo Mining, which was carrying out a feasibility study on its Yandera copper-molybdenum project, fell even more sharply. Its shed A$0.035 or 11.48% to close at A$0.27.
Most other PNG shares also lost ground yesterday with Oil Search shedding A$0.01 to A$4.49 and Lihir Gold losing A$0.08 to A$3.47.
Allied Gold picked up A$0.01 to A$0.76, while Frontier Resources was up A$0.05 to A$0.115 and Emperor rose A$0.01 to A$0.066.