PanAust eyes hike in project value


PANAUST is looking at opportunities to increase the value of the Frieda River copper and gold project in West Sepik, according to a company report.
The September quarter report released yesterday also stated that the company continues to access alternative development pathways to decrease capital expenditure and reduce the overall project risk profile.
It said study work to investigate these opportunities continued throughout the quarter, and indicate several potential pathways for value enhancement.
PanAust holds an 80 per cent interest in the Frieda River project, while Highlands Pacific holds 20 per cent.
The special mining lease application and environmental impact statement for the project are being considered by Mineral Resources Authority and Conservation and Environment Protection Authority.
PanAust managing director Dr Fred Hess emphasised the company’s unwavering commitment to deliver impressive results and ensure it finishes the year in a strong position.
“PanAust does not outsource decision-making, choosing to instead rely on the skills, leadership and experience of its people.
“PanAust’s people do not shy away from a challenge. They are the number one contributing factor to the company’s success.
“PanAust’s consistently improving performance across all business metrics is driven by the high performance standards of its people.”
Meanwhile, a PanAust-sponsored Interplast surgical programme was carried out at the Vanimo General Hospital in September. A team of five Interplast volunteers treated 15 patients who received life-changing surgery for conditions including cleft lip and palates and burn/scar contracture releases.
The programme is the continuation of a partnership between PanAust and Interplast which began in Laos in 2012.
It extended to PNG in November last year.