KMHL still waiting for payment


THE Kumul Minerals Holdings Limited is yet to receive any payment from the Asidokona Mining Resources Ltd on the sale of Tolukuma gold mine in Central in 2015.
The mine which used to be operated by Petromin (Petroleum PNG Holdings Limited) was sold to Asidokona in 2015 for S$40 million (K91.95mil).
Sigapore company Asidokona is now the operator of the mine while KMHL, on behalf of the government, has a stake in it.
No comment could be obtained from Asidokona.
KMHL chairman Peter Graham said: “Kumul Minerals has not received payments according to an agreed schedule of payments for the purchase of TGM dating back to 2015. Efforts to date to resolve this matter have been unsuccessful.”
Graham did not say how much exactly KMHL was owed, but that it was “a significant amount”.
Then Petromin managing director Thomas Abe said Petromin recognised several years ago that the struggling mine was best of divested.
Asidokona was set up to inject S$40 million (K93.9mil) to recapitalise the mine and eventually to restarting it.

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