K92 set for biggest year: CEO

By NATHAN WOTI
CHIEF executive officer of the K92 Mining Incorporation Limited John Lewins says 2024 is expected to be the biggest year in the history of the company and the Kainantu mine.
The year is budgeted for the highest production, with sales of gold and copper expected to reach almost K1 billion, and operating expenditure to exceed K400 million, of which over 60 per cent will be spent in Papua New Guinea.
The Canadian mining company also plans to spend about a billion kina this year on its stage three expansion with the construction of a new processing plant, and the expansion of the underground mine exploring and developing new veins to produce more than 1.2 million tonnes of ore per year for the new plant.
Lewins said that the company expected to see records tonnes processed in the first quarter of 2024, resulting in the highest Q1 production yet achieved at the mine.
“We will also commence major construction activities for our stage three expansion,” he said.
“This will include the underground raise boring of ventilation shaft and ore passes, mobilisation of additional mining equipment, the mobilisation of the major contractor for the construction of the processing plant and various other contractors for other construction projects related to the expansion if the mine.
“We will also continue our exploration work on multiple projects over our 830 square kilometres of exploration leases, with up to five surface diamond drilling rigs and six underground rigs operating,” Lewins said.