Frieda River project delayed

 THE Frieda River project feasibility study has been delayed, according to Highlands Pacific Limited. 

It has been advised by PanAust Limited (PanAust), a wholly owned subsidiary of Guangdong Rising Assets Management Company Limited, and partner in the Frieda River copper-gold project, that the feasibility study for the project would be delivered by next month.   

PanAust previously had advised that a draft of the study would be provided to Highlands Pacific by the end of last month. 

The feasibility study would be reviewed by independent experts, and subsequently may provide support for an application to the Government for a Special Mining Lease, enabling the project to proceed to development. 

Last month, PanAust advised that a feasibility study on the project in West Sepik was on track.

Managing director Dr Fred Hess said the company’s primary focus was the project with the report to be submitted in the first half of this year.

In the company’s report for the three months to December 31, 2015, Hess said it was a mega project for the company which would boost the national economy.

“The study is on track for submission to the Government in the first half of 2016, initiating the process for regulatory approvals,” he said.

“Work commenced on an exploration access track which will improve access to the main camp site from the Frieda River airstrip.

“Ongoing positive engagement with the Government, provincial administrations in Sandaun and East Sepik and host communities continued to support the project,” he said.

PanAust holds an 80 per cent interest in the Frieda River project, with Highlands Pacific holding the remaining 20 per cent.

PanAust is an Australian company.