Firm pays K20mil for Tolukuma

THE transfer of tenements for the Tolukuma Gold Mine in Central has been completed after local mining firm, Lole Mining Ltd, paid K20 million to the liquidator, Pini Accountants and Advisors, last week.
While commenting on the transfer of ownership, Mineral Resource Authority (MRA) managing director Jerry Garry said this was the first time for a private Papua New Guinean company to venture into the mining business.
“This is the proudest moment and congratulations,” he said.
“We have been looking at getting Papua New Guinean companies off the ground through Petromin, now Kumul Minerals Holdings, to actively participate in the development of our natural resources.”
Lole Mining executive director Howard Lole thanked the authority and Pini Accountants and Advisors for having trust and confidence in a PNG-incorporated company.
Garry commended the liquidator for trying to get the right people on board.
“I also notice your due diligence, your thinking and trying to find the right people who have the financial and technical capacity to develop the mine,” Garry said.
“For this, the MRA team is very grateful and commends you for the successful conclusion of the transaction.”
Garry said LML’s proposal to connect the mine with an access road would cut down the cost of air transport and increase profitability.
“The first hurdle has been overcome and the next few hurdles are there, but we look forward to the day when you will produce the first gold bar from Tolukuma and we will be there to say we produced it,” he said.
LML is the new legal owner of the Tolukuma Gold Mine with six other exploration licences in the area. Lole said LML was a vehicle set up through a private sector initiative to develop the huge mineral resources potential in the country.
“The company has a portfolio of one mining lease and six granted exploration licences,” he said.
“Investors from both within the country and overseas are provided the opportunity to invest in LML at the pre-initial public offering and initial public offering (IPO) stages.
“Pre-IPO was open since February this year, and it will be completed soon.”