The National, Thursday July 18th, 2013
LOCAL firm Kair Engineering Ltd (KEC) has entered into a joint venture with an Australian company for exploration and mining activities in Papua New Guinea.
In a ceremony in Chimbu last month KEC and Corporate Executive Mining Ltd inked the deal to go into a 50-50 exploration partnership.
The JV now called Kair Executive Mining will be based in Kundiawa for exploration activities in the highlands region.
“With the 50-50 risk-taking responsibilities, we have decided with our new joint venture partner to set up our mining exploration office in Kundiawa.
“We will be working on our mineral exploration leases in four provinces — Jiwaka, Madang, Eastern Highlands and Chimbu,” managing director of Kair Engineering Ltd David Herman Nime said.
Kair Engineering also holds a two-year lease over three exploration licences for EL1762-Kup, El1763-Karamui, El1765- Chuave and EL1887-Kumbo at the border of Jimi and Madang.
Nime said for more than two years, KEC had conducted scientific samplings and the results it obtained attracted the Australian company to enter into the joint venture, sealed in an agreement signed in Port Moresby last April 19.
“We have imported two exploration drill rigs for mineral core sampling, this is a baby step of faith for a Christian family owned business to venture into the mineral exploration business which was thought and feared by national companies as the unknown turf, reserved only for multinational corporations with the money,” Nime added.