‘PNG the most undeveloped copper nation’

Business, Normal

The National, Wednesday, May 18, 2011

PAPUA New Guinea was described in a report as one of the most underdeveloped copper resource nation in the Asia-Pacific region having recently increased its production to 6.5 billion pounds of copper, 204 million pounds of molybdenum plus gold, silver and rhenium.
PNG is also centrally located with easy access to Asian markets as stated in the Australian investor presentation for the Marengo mine.
The Marengo copper-molybdenum is a global copper producer with its value underpinned by the world-scale Yandera mine in Madang.
Feasibility studies are well advanced with drilling expected to continue through out this year.
The company has a MoU in place with leading Chinese construction group, Standard Bank, appointed as financial adviser.
 The report stated that the company had a strong investor base with key global and strategic clients.
The Yandera mine  is strategically located with access to key Asian markets and would be operated by an experienced team with a strong focus on production.
Yandera mine is located 95km southwest of the provincial capital of Madang with 100% owned exploration license covering 1,900km².
The project covers more than 100km of the highly prospective Bundi fault zone with less than 5% of structural corridor drilled to date.