Wednesday, May 23, 2012
Saturday, April 21, 2012
Bougainville Copper Limited President Axel Sturm Takes a Swipe at PNG Politicians for Affecting BCL Shares.
Bougainville Copper
Limited President Axel Strum has called on Papua New Guineas to change into the
‘Land of the Expected.’
In a statement to
European Shareholders of Bougainville Copper Limited, Sturm sought to calm their
nerves about short sellers using the current political situation in PNG.
Describing Papua New
Guinea Grand Chief Sir Michael as a ‘Stubborn old man’ and calling Deputy Prime
Minister Beldan Namah as irritating, he said;
The Suicide Miners of Porgera; Giving Up Lives for Gold
If you have ever
witnessed illegal miners in operation at the giant Porgera Gold Mine pit, you
know that probability is against them.
They will get hurt. Some
will die.
This is because of the
way they work. They will wait at the top of the mine, hiding behind some of the
large boulders that are stockpiled up at the corner (rim) of the pit. They will
watch and wait.
Far below them, the
PJV drillers and explosives people will mark the spots to blast with coloured
ribbons. Red for high grade gold. Yellow for low grade.
OK Tedi Posts K2 Billion in 2010 After Tax.
Ok Tedi Mining Limited
(OTML) recently posted a reported net profit after tax of K2,030 million (K2
billion) in 2010 year ending.
This is an increase of
27%percent compared to 2009 net profit.
OTML said the increase
reflected the increase in copper prices in the second half of 2010, closing the
year at a record high $US4.42 per lb.
Sales revenue was K5086 billion for 2012 and shareholders received dividends totalling
K1.687 billion.
Mine royalties paid to
the Fly River Provincial Government and the mining area landowners totalled K94
million while total taxes paid were close to K929 million.
Concentrate sales were
9% higher than in the previous year, at 661,080 tonnes.
Metal contained in
concentrates totalled 158,692 tonnes per copper, 482,000 ounces of gold and
1,5000000 ounces of silver.
Several factors
influence dropped in productivity at OTML from 2010 onwards.
These included the
restriction on the Pit Crusher Facility and the Mine Waste Tailings Project,
the seventeen day strike by OTML workers (this resulted in a concentrate
shortfall equivalent to 1870 tonnes of copper and 5830 ounces of gold) and a
shut down brought on by the Pyrite Concentrate pipeline rupture in May 2011.
This blog is an initiative of www.squapublishing.com
Monday, April 2, 2012
PETROMIN INTERSECTS PORPHYRY COPPER-MOLYBDENUM-GOLD MINERALIZATION AT IPI RIVER PROSPECT.
Port Moresby, April 3, 2012. Petromin, today announced that initial exploration drilling at its 100% owned Ipi River prospect in the Central Province has intersected excellent porphyry mineralization from 63m to current drill depth of 427m.
Mineralisation in the more than 300m intersection consists primarily of disseminated and veined chalcopyrite and molybdenite overprinted by later gold-bearing carbonate base metal veins.
Drilling is continuing and is expected to terminate at 500m in the potassic core or center of the mineralized system which was interpreted from the 64 Channel 3D IP survey conducted by the Company’s exploration team in 2011.
The Ipi River prospect at EL-1352, is about 50 kilometers North-West of the Company’s current Tolukuma gold mine, on the foot hills of the Owen Stanley range, not far from Bereina on the coast.
The exploration program is being undertaken by Petromin’s Exploration and Production (E&P) company, Eda Minerals Limited and is lead by Petromin’s Chief Exploration Geologist, Dr. Wilfred Lus.
Dr. Lus was a senior exploration geologist with Barrick Gold before joining Petromin. He leads an all national geology and drilling crew, using Petromin’s own 1300m capacity SC11 diamond drill rig.
Managing Director and Chief Executive Officer of Petromin, Mr.Joshua Kalinoe said geochemical sampling and 3D IP geophysical survey and interpretation carried out by Petromin exploration team in 2011, identified an initial porphyry target zone area of 1.63km by 1.27km and a depth of 0.6km.
“The initial results from drill hole PDH001 are indeed very encouraging and confirms our computer modeling results generated from the 3D IP data that the Ipi River prospect is a genuine porphyry target.
“What is even more exciting is that the occurrence of multiple porphyries is not limited to the target zone but also cover an area of more than five square kilometers within the prospect,” Mr. Kalinoe said.
He said the exploration drilling program in 2012 will target this anomaly to define the perimeters of the porphyry system and to form the basis of further drill targets, going forward.
The drill core samples from the first drill hole are being processed for assay.
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