Frieda River Copper-Gold Project, Papua New Guinea (PanAust 80 per cent)

In Papua New Guinea (PNG), PanAust holds an 80 per cent interest in the Frieda River Copper-Gold Project.

The Company completed a feasibility study for the Project in May 2016. In June the same year, PanAust submitted its application for a Special Mining Lease (SML) for the Project to the Papua New Guinean Mineral Resources Authority (MRA).

In May 2017, PanAust announced the completion of an addendum to the original feasibility study. The addendum incorporated data and technical analysis from geological, geotechnical and metallurgical field programs that was not available at the time of the feasibility study.

In August 2018, PanAust announced it had revised the scope of the Project to align with the Government of PNG's development strategy plan. The revised scope supports a mine life in excess of 30 years and greater extraction of the extensive Mineral Resource by leveraging third-party shared-use infrastructure.

The new Project scope comprises:

  • a long-life, large-scale open-pit copper-gold mine to extract the Horse-Ivaal-Trukai, Ekwai and Koki (HITEK) mineral deposits
  • a conventional comminution and flotation process plant treating in excess of 40 million tonnes per annum of ore
  • transport of high-quality copper-gold concentrate via a 320 kilometre buried pipeline to the Vanimo Ocean Port for export to custom smelters
  • peak annual metal in concentrate production of 290,000 tonnes of copper and 360,000 ounces of gold
  • subaqueous storage and containment of mine waste rock and tailings within a large integrated storage facility (ISF)
  • a land-based logistics and infrastructure corridor connecting the mine to the Vanimo Ocean Port
  • low-cost renewable energy from a hydroelectric power facility supplied by waster from the ISF reservoir

To leverage the infrastructure established for the Project, opportunities have been identified to further extend the mine life and extract copper and gold from the Nena deposit.

PanAust expects to complete the feasibility study and associated Environmental Impact Statement by the December quarter 2018, prior to lodging amendments to the 2016 SML application.

For further information about the Project, see the quarterly reports and other statements on the Company Announcements page.