Local firm gets approval to do alluvial mining

A LOCALLY-owned company in East Sepik has been granted an environmental permit to conduct alluvial mining in the province.
Buki Investment Ltd was issued the permit last week by the Conservation and Environment Protection Authority (Cepa) in Port Moresby.
The licence area is AML (Alluvial Mining Licence) 904, within Dagua local level government in Wewak.
Chief executive officer Lydia Balfour-Ogilvy said the company was registered with Investment Promotion Authority in 2012 to generate better returns for the locals and shareholders from investments made by the company.
Balfour-Ogilvy said the company would need an estimated US$1 million (K3.5mil) to set up a standard and highly competitive alluvial gold mining company in the country.
That would include start-up of mine development and production at the Misuom alluvial gold mine project.
“Investors from within and outside of the country have shown interest and have engaged with the company to raise the capital needed to start operations,” Balfour-Ogilvy said.
“Buki Investment Ltd also aims to save certain gold in a nominated refinery for the purpose of family, friends and associate investments for future benefits.”
She thanked all family friends and associate investors for their faith and belief in raising funds to support the company.
“Buki is ready to go further into the mining industry and is fully equipped with professionals,” Balfour-Ogilvy said.
“We are negotiating machinery deals and contracts at the moment and looking at starting operations right after the Mineral Resource Authority’s mining advisory council sits and approves the licence anytime this month or in January.”
She acknowledged the East Sepik administration for recognising the company.