Newly-listed Indochine Mining revives Mount Kare gold mine
After a troubled history, the gold and silver mine at Mount Kare in Enga Province is now back on track.
Following his company’s listing on the Port Moresby Stock Exchange (POMSOX) in September 2013, Indochine Mining Chief Executive Officer Stephen Promnitz expressed the hope that gold production of between 170,000 and 200,000 ounces per annum could commence as early as 2015.
He said Indochine’s listing was the culmination of much work since it acquired 100% of Mount Kare in 2011.
He said the company had worked hard to secure the support of local communities and had assembled an experienced team to manage community expectations. In January 2014, the company completed a Landowner Investigation Study (LIS) of the mine area.
‘The completion of the LIS marks a major milestone for the local people, relevant government officials and our shareholders, and is arguably one of Indochine’s most significant achievements to date,’ said Promnitz in a statement.
The company plans to make a final investment decision, estimated to require capital expenditure of around AUD$100 million, in the middle of 2014.
The subject of a chaotic gold rush in 1988–89, the Mount Kare project was abandoned by then-cra (now Rio Tinto) before changing hands a number of times.
The POMSOX listing was a personal milestone for Promnitz, who worked for CRA as a geologist on the original Mount Kare project.