Pa­pua Min­ing boss out­lines plans

David James re­ports on the ex­plo­ration ef­forts of Pa­pua Min­ing.

Paradise - - Contents -

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.

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