PETROMIN (PNG) Holdings Ltd is emerging as a leader in developing its mineral tenements through green field exploration, Prime Minister Sir Michael Somare said yesterday.
In an address to the Petromin board of directors, Sir Michael said he was pleased to learn that Petromin board and management have allocated about K6 million this year to explore the company”s mineral tenements within the vicinity of the Tolukuma gold mine in Central province, and regional tenements.
“For a newly-established company, Petromin has done extremely well and can be seen as a leader in developing its tenements … than most of the junior mining companies that have been in the business for a much longer period.”
Sir Michael said Petromin’s determined approach in upgrading the total resource potential of Tolukuma mine through an extensive exploration programme was proving successful for the company.
“This exercise is paying off as the total resource has been upgraded by an independent Australianbased company to about 700,000oz.
“This has the potential to extend the mine life to about five years.”
Sir Michael spoke particularly on Petromin’s investment strategy.
“I am pleased to note that the board and management have put in place an investment strategy which provides the pathway for a planned process of investment.
“I am advised that the strategy was based on the State’s back-in-right as well as other investment opportunities that Petromin in its own right as an industry participant can invest in,” he said.