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.
The country's refusal of a deep sea mining venture off its coast has cast a shadow over the emerging mining practice.
The revised plan for their jointly-owned Wafi-Golpu in PNG will require an initial capital spending cost of $2.3 billion.
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.
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.
The ship will accommodate as many as 180 people and is expected to be delivered by the end of 2017.
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.
Production up and costs down, but asset impairment at Papua New Guinea mine results in $2.2 billion statutory loss for Australian gold miner.
Chief administrator of Papua New Guinea’s autonomous region of Bougainville does not expect lawsuits after stripping Rio of its mining rights.
The ruling formalizes the Bougainville province's control of its own resources, which means the national PNG mining law no longer applies.
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.
The company now has 15 days to appeal with the High Court.
Trans Tasman Resource project will vacuum iron-rich seafloor sands, to later extract the desired titano-magnetite for export to Asian steel mills.
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.
The seafloor miner revoked Papua New Guinea’s right to a 30% in its flagship project Solwara 1, and is now seeking undisclosed damages.
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.
The Frieda River project in Papua New Guinea is one of Asia-Pacific's largest copper deposits.
As its flagship Solwara 1 project, the new one is also in located in Papua New Guinea’s Bismarck Sea.
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.
The miner's shares were up almost 32% at 10:45 ET in Toronto after the announcement.
Other notable good performers in the 2013 Corruption Risk Index are Senegal and Botswana.
The company will use it to keep up its plans of mining the deep blue frontier.
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.
Work off PNG has stopped, but international waters beckon.
No longer willing to foot the Papua New Guinea government's bill, Nautilus says it will terminate contracts with equipment suppliers.
Nautilus Minerals shot up 8.5% in heavy volumes on Wednesday as investors anticipate a new direction for the embattled company following the departure of long-time CEO Stephen Rogers.
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