Papua New Guinea

Nautilus Minerals resumes undersea mining exploration

Cecilia Jamasmie | April 7, 2015
Nautilus Minerals resumes undersea mining exploration

The goal is to expand Nautilus’ Seafloor Massive Sulphide prospect inventory around Solomon Islands, located east of Papua New Guinea.

Barrick settles remaining claims by women concerning Porgera mine

Andrew Topf | April 4, 2015
The Porgera gold mine in Papua New Guinea.

Barrick Gold (NYSE:ABX, TSX:ABX) has settled claims with 11 women from Papua New Guinea who had alleged acts of sexual violence against them, including rape, at the Porgera mine in PNG over the last two decades.

Barrick rumored to sell gold mines in Australia, PNG

Andrew Topf | March 1, 2015
papua_new_guinea

Barrick Gold (NYSE:ABX, TSX:ABX), the number one producer of the precious metal, is hoping to raise up to $1.1 billion through the sale of two mines in Australia and Papua New Guinea.

Cecilia Jamasmie

Seabed mining dreams shattered by New Zealand latest decision

Cecilia Jamasmie | February 22, 2015
Seabed mining dreams shattered by New Zealand latest decision

The country's refusal of a deep sea mining venture off its coast has cast a shadow over the emerging mining practice.

Newcrest, Harmony set to build one of the world's lowest-cost gold mines

Cecilia Jamasmie | December 15, 2014
How top gold producers margins are being squeezed

The revised plan for their jointly-owned Wafi-Golpu in PNG will require an initial capital spending cost of $2.3 billion.

Newcrest outlines plans for US$2.3 billion PNG gold mine

Wall Street Journal Online | December 15, 2014

Newcrest Mining Ltd. (NCM.AU) and Harmony Gold Mining Co. Ltd. (HAR.JO) will carry out a feasibility study for a possible new gold mine in Papua New Guinea that they forecast will cost US$2.3 billion to begin building, and which they say could start producing metal by the end of the decade.

Deep-sea miner Nautilus to get $113m of escrowed funds

Cecilia Jamasmie | November 28, 2014
Deep-sea miner Nautilus to get $113m of escrowed funds

The sum will be given on the completion of the sale of 15% of its Solwara 1 project to an entity nominated by Papua New Guinea.

Deep-sea miner Nautilus to charter ship as floating base

Cecilia Jamasmie | November 6, 2014
Deep-sea miner Nautilus to charter ship as floating base

The ship will accommodate as many as 180 people and is expected to be delivered by the end of 2017.

Rio Tinto weighs stake in closed Papua New Guinea copper mine

Cecilia Jamasmie | August 18, 2014
Rio Tinto weighs stake in closed Papua New Guinea copper mine

The miner is reviewing all options on its 53.83% stake in Bougainville Copper, the operator of its Paguna mine, which has a potential gold and copper resource worth over $60 billion.

Newcrest posts second year of major loss

Frik Els | August 18, 2014
Newcrest posts second year of major loss

Production up and costs down, but asset impairment at Papua New Guinea mine results in $2.2 billion statutory loss for Australian gold miner.

Rio has first right of refusal over Bougainville Copper

Frik Els | August 15, 2014
Rio has first right of refusal over Bougainville Copper

Chief administrator of Papua New Guinea’s autonomous region of Bougainville does not expect lawsuits after stripping Rio of its mining rights.

Papua New Guinea new mining law takes away Rio’s subsidiary rights

Cecilia Jamasmie | August 11, 2014
Rio has first right of refusal over Bougainville Copper

The ruling formalizes the Bougainville province's control of its own resources, which means the national PNG mining law no longer applies.

UN opens up more deep sea areas for mining, issues seven new licences

Cecilia Jamasmie | July 23, 2014
UN opens up deep sea for mining, issues seven new licences

State-owned and private companies from the UK, Germany, India, Brazil, Singapore and Russia are among those to benefit from the seabed regulator’s decision.

New Zealand rejects underwater iron mine

Cecilia Jamasmie | June 18, 2014
New Zealand rejects underwater iron mine

The company now has 15 days to appeal with the High Court.

New Zealand may approve underwater mine this week

Cecilia Jamasmie | June 16, 2014
New Zealand may approve first underwater mine this week

Trans Tasman Resource project will vacuum iron-rich seafloor sands, to later extract the desired titano-magnetite for export to Asian steel mills.

First seabed mine to go ahead as Nautilus solves dispute with PNG

Cecilia Jamasmie | April 24, 2014
Deep-sea miner Nautilus to get $113m of escrowed funds

Under the agreement, the Papua New Guinea government paid Nautilus $7 million, which entitles it to a 15% stake in the project, with an option to increase it by another 15% in the next 12 months.

Nautilus Minerals goes hard on PNG gov't over Solwara 1 dispute

Cecilia Jamasmie | February 14, 2014
Nautilus Minerals goes hard on PNG gov't over Solwara 1 dispute

The seafloor miner revoked Papua New Guinea’s right to a 30% in its flagship project Solwara 1, and is now seeking undisclosed damages.

Papua New Guinea’s Ok Tedi copper, gold mine handed over to locals

Cecilia Jamasmie | February 10, 2014
Papua New Guinea’s Ok Tedi copper, gold mine handed over to locals

The forced transfer of US$5.5 million in assets comes after the PNG Government's took over the mine in 2013 and nationalized it.

Glencore Xstrata sells 80% stake in copper project

Cecilia Jamasmie | November 1, 2013
Glencore Xstrata sells 80% stake in copper project

The Frieda River project in Papua New Guinea is one of Asia-Pacific's largest copper deposits.

Nautilus Minerals to open second seafloor mine by 2017

Cecilia Jamasmie | October 17, 2013
The ocean floor is rare earth miners new frontier—report

As its flagship Solwara 1 project, the new one is also in located in Papua New Guinea’s Bismarck Sea.

PNG: The gold producing country nobody was talking about, until now

Cecilia Jamasmie | October 17, 2013
PNG: The gold producing country nobody was talking about, until now

PNG's gold industry contributes a higher proportion to the the country's economy than the sector does in any other major mining country in the world.

Nautilus gets the green light to mine under water, will receive $118 million in compensation

Cecilia Jamasmie | October 3, 2013
Nautilus gets the green light to mine the seabed, to get $118 million in compensations

The miner's shares were up almost 32% at 10:45 ET in Toronto after the announcement.

Mining investments a lot safer in Mozambique, Burkina Faso and PNG

Cecilia Jamasmie | September 25, 2013
Mining investments a lot safer in Mozambique, Burkina Faso and PNG

Other notable good performers in the 2013 Corruption Risk Index are Senegal and Botswana.

Seabed miner Nautilus handed breathing aid: $40 million after shares sale

Cecilia Jamasmie | June 12, 2013
Seabed miner Nautilus handed breathing aid: $40 million after shares sale

The company will use it to keep up its plans of mining the deep blue frontier.

Will Papua New Guinea's safest city survive the closure of Ok Tedi mine?

Cecilia Jamasmie | December 27, 2012
Will Papua New Guinea's safest city survive the closure of Ok Tedi mine?

The mining town of Tabubil, in Papua New Guinea, is facing the closure of the nearby Ok Tedi copper mine, an operation that currently employs nearly 2,000 people, most of them locals.

Nautilus rockets 27% as investors speculate on what's next for seabed mining

Frik Els | December 11, 2012
Nautilus rockets 26% as investors speculate what's next for seabed mining

Work off PNG has stopped, but international waters beckon.

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