The National – Tuesday, February 8, 2011
THE Marengo Mining Ltd (MML), operator of the Yandera project in Madang, has formed dedicated operating company for Yandera mine.
The Yandera Mining Co Ltd was designed to operate the Yandera project and hold all of the assets of the mine, including mine lease, processing plant and infrastructure licences.
Marengo would, however, still continue to hold and operate current and future PNG exploration assets through parent body MML.
Marengo’s 2010 fourth quarter reports showed that the progress from the Yandera copper-molybdenum-gold project was on target, with latest drilling results increasing confidence in the geological model with the improved prediction of geology and grades for the drill holes.
Since the start of the first quarter this year, five diamond drills rigs have re-started at Yandera and would continue to drill most zones, including the deep drilling programme for the 2011 season.
The company finished 2010 with a cash balance at A$71million while the completion of the Canadian capital raised over A$64.5 million.
The hydroelectric power supply was progressing well with some layout changes.
However, they are still targeting 65MW of combined power from three systems.
One of these changes includes the joining of two systems in series to improve efficiency and to make one of the powerhouses redundant.