Papua Mining boss outlines plans
David James reports on the exploration efforts of Papua Mining.
Papua Mining has been drilling in Papua New Guinea for several years and has some exciting prospects, according to chief executive David Price. He says the company is looking to grow aggressively – possibly in partnership with a larger player.
Price says Papua Mining has been exploring on the island of New Britain for the last eight years. “I’m very positive about where we can take the company and the projects in both PNG and Australia,” he says.
Price, who was appointed CEO and managing director of the company in late 2017 following its acquisition of Australian miner, BGM Investments, acknowledges that Papua Mining is small but says he is looking to grow the company. He sees two ways to do that. “You can grow a company organically, with the projects that you already have. We have been drilling our projects in Queensland during the wet season in PNG and we have had very good success at finding gold, copper and silver.
“The second way to grow a company is to acquire other projects.
“We are actively looking for new projects in Papua New Guinea. We have identified a very large prospect, a very big target, in New Britain which is possibly beyond our budget because we are a micro-cap company.”
Price says the company has spent over £20 million exploring in New Britain. There are some world-class deposits surrounding us.
“You have Wafi-Golpu, which is the focus of attention for development at the moment. You have got Lihir. You have got Porgera. We are right in the middle of it.”
Price says the projects will require a lot of money and are perhaps beyond the financial restrictions that a micro-cap can generate.
He says he is looking for ‘big brother’ to come in with the company. ■
David Price … looking for a ‘big brother’ to join Papua Mining.