Firm hailed for trading on Toronto stock exchange

Business

MINING Minister Johnson Tuke has congratulated the Kainantu Resources Ltd (KRL) for trading on the Toronto Stock Exchange (TSX) – a venture exchange in Canada.
KRL is a gold exploration company, working with the people of Papua New Guinea to develop a new mining venture centered in the region.
The company holds highly prospective exploration ground in the world-renowned Kainantu gold district, with tenements close to the K92 mining operation.
KRL plans to advance exploration in the area, having raised significant capital to support their programme.
The company brings an experienced team to PNG at the junior exploration level.
Their management has already teamed up with Papua New Guineans who spent their careers working in the country’s mining industry.
“I trust this level of co-operation will set the groundwork for KRL’s future prospects in-country,” Tuke said.
“The Mineral Resource Authority has been pleased to support KRL in preparing for their public listing, providing a positive example of the PNG Government and foreign investment teaming up in the interests of PNG’s development.
“I am also encouraged by the community stakeholder support in Kainantu for KRL as seen at recent Warden’s hearings in the district.
“It gives me great pride as the local member to see the community working with KRL to support their efforts, which will generate further investment in the Kainantu region over time.”
Tuke said the mining industry generated 26 per cent of the country’s gross domestic product and directly employed 20,000 people, and a further 30,000 people indirectly.