Papua New Guinea

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

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.

Nautilus cancels underwater equipment construction on flagship Solwara project

Mineweb | November 13, 2012

No longer willing to foot the Papua New Guinea government's bill, Nautilus says it will terminate contracts with equipment suppliers.

Investors jump back into Nautilus after CEO departure

Frik Els | November 1, 2012
seabed exploration

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.

Big changes coming to PNG Sustainable Development Program if new government has its way

Frik Els | October 30, 2012
Papua New Guinea stamp

PNG Prime Minister: "I think BHP should take its leave at some stage. I'd rather it be sooner than later. BHP has to learn that it has to move on."

Nautilus seabed mining project jeopardized again

Cecilia Jamasmie | October 24, 2012
diver and shark

Canada-based Nautilus Minerals Inc. (TSX&LON:NUS) sank to fresh lows Wednesday in London, falling almost 5%, hit by the news of a Papua New Guinea’s landowners petition to the Government to cancel the firm’s seabed mining permit.

Harmony says Wafi-Golpu could support $9.8 billion mine

Frik Els | September 28, 2012
harmony_wafi_golpu

Harmony Gold says the Wafi-Golpu deposit in PNG could support a $9.8 billion mine with peak annual production of 560,000 gold ounces and 335,000 tonnes of copper.

Newcrest restarts Lihir mine

Cecilia Jamasmie | August 29, 2012
Papua New Guinea stamp

Gold producer Newcrest Mining (ASX:NCM) resumed its operations at the Lihir project, in Papua New Guinea, following the resolution of a dispute lodged by the Lihir Mining Area Landowners Association (LMALA).

Land fight forces Newcrest to shut Lihir gold mine

Cecilia Jamasmie | August 28, 2012
Lihir Island

Australia’s largest listed gold company by market capitalization, Newcrest Mining (ASX:NCM), said Tuesday it had to suspend production at its flagship Lihir mine in Papua New Guinea, as protests from a local landowners’ group keep escalating.

Add German complications to Papua New Guinea problems for Nautilus undersea mine

Frik Els | August 2, 2012
miniature_europe_deal_finance_400

The Toronto-based company said in the report it continues to engage the government of PNG in legal proceedings held in Sydney Australia but that it has run into trouble with its German partners building a surface vessel for the operation which would lead to delays.

Dilution ahoy! Nautilus offers major investors new shares for less than 52-week low

Frik Els | August 1, 2012
shipping_anchor_trade_finance

Nautilus Minerals dropped 7.3% to $1.02 in late-afternoon trade on Wednesday, after the Toronto-based firm announced that it is raising $34 million from its major shareholders at 90c a share to build its seabed mining system.

63% of Newcrest's assets situated in 'very high-risk' countries

Marc Howe | July 31, 2012
crimson_globe

Newcrest Mining (ASX:NCM) is the one Australian mining major exposed to the greatest level of country risk with 63% of its assets situated in nation-states categorized as 'very high-risk' by analysts.

Harmony up 7% as punters bet Wafi-Golpu pre-feasibility will map out a Grasberg rival

Frik Els | July 25, 2012
finance_chart_up_stocks_trader

Release of a pre-feasibility study for Wafi-Golpu in Papua New Guinea is expected any day now and punters hope drilling results that put the deposit into the same league as Freeport-McMoran’s Grasberg mine across the border in West Papua, Indonesia are confirmed.

Papua New Guinea scares off another miner

Frik Els | July 8, 2012
papua_new_guinea_mud_men_by_marcovarro_shutterstock

As Papua New Guinea's sometimes shambolic elections drag on into a third week, already nervous miners with projects in the country would not have been encouraged by news of another miner falling foul of the country's authorities.

Aldridge Minerals to exit Papua New Guinea

shutterstock_82185199

The company announced today that it plans to exit Papua New Guinea following receipt of a formal notice that the licence renewal for its non-core Kili Teke property was denied.

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