The National, Thursday October 17th, 2013
MARENGO Mining Ltd (MMC) will buy power from a source to be developed by Madang Development Corporation (MDC) and foreign investment parties, president and chief Executive Les Emery said.
He told The National yesterday MMC, miner of Yandera project in Madang, signed a memorandum of understanding (MoU) with MDC to see that when MDC developed a power station, in partnership with foreign investors, Marengo would purchase power from that source, subject to commercial consideration.
The power station would bring power to industrial and domestic consumers in Madang.
“Madang province has suffered from a lack of power for many years … however recent developments of mining projects and other industries have significantly increased power demand within the province,” Emery said.
He said the location of the power generating station should be in a central location for the benefit of consumers.
“The final location of a power station would be between the MDC, its financiers and the Madang provincial government.
“As a company who would be purchasing power from this facility, our location should enable us to transmit electricity to our Yandera project on a cost-effective basis.”
The MDC was established in 1977 as the business arm of Madang provincial government (MPG).