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Petromin increases exploration budget
By TERENI KENS
PAPUA NEW GUINEA'S wholly owned mining company, Petromin PNG Holdings Limited is aggressively pursuing exploration and development programme for its entire exploration licences in its mining business. Petromin has the largest share of on-shore mining licenses all of which are in the Central Province. Managing Director and Chief Executive Officer (CEO), Joshua Kalinoe said despite the economic slow down, Petromin has increased its total exploration budget by 100 percent from last year. A total of K2 million has been allocated for exploration and tenement management in 2009. "After detailed survey and sampling work in 2008, our exploration unit has identified two highly prospective projects at Saki, near Tolukuma and Ipi River, about 50km North-West of Tolukuma. "Exploration drilling at Saki which has the potential to contain an estimated resource similar to Tolukuma, will commence in March 2009. "Mapping and sampling work at Ipi River was completed in January and preliminary results indicate an upside potential of a copper/gold deposit", Mr. Kalinoe said. He said Petromin plans to develop at least one new mine from these prospects within the next five years. Mr. Kalinoe said exploration drilling for the Ipi River prospect will commence in the first half of 2010. |
BUSINESS
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