Frieda files lease application

The National,Monday June 27th, 2016

A SPECIAL mining lease application for the Frieda River copper-gold project was registered last Friday with the Mineral Resources Authority, according to PanAust Limited.
The application followed the completion of the project’s feasibility study which was announced on May 19.
The lodgement satisfied a condition of key exploration licence (EL58) that an application for an special mining lease (SML) in respect of the project be made on or before Thursday.
The SML application comprises a proposal for development, which incorporated feasibility study report and further supporting documents.
They include an employment and training plan, a land ownership study and a business development, supply and procurement plan.
PanAust managing director Dr Fred Hess, said the lodgment of the SML application represented a crucial milestone in the pursuit of organic growth for the company.
“Since taking control of the project in 2014, PanAust has committed significant resources to complete the feasibility study and maintaining a site presence while engaging extensively with the Government of Papua New Guinea and host communities,” Hess said.
PanAust has devoted over 235,000 man-hours and invested US$65 million (K195 million) to advance the project.
“This has been achieved with no lost time injuries, an excellent outcome for a Project that is located in a remote area with limited access,” Hess said.
“We look forward to working with the PNG government, landowners and host communities to further advance the project for the benefit of all stakeholders.”