Petromin PNG Holdings Limited is pleased to announce that it has acquired Emperor Mines’ stake in Tolukuma Gold Mines.
Through the acquisition Petromin will also own 10 exploration tenements making it the largest on shore mining tenement holder in the country.
The Managing Director and CEO of Petromin, Mr. Joshua Kalinoe said Petromin is happy to accept the challenge of owning and operating the mine on behalf of the people of Papua New Guinea.
The small open pit and underground mine has been in operation since 1995 and since then has experienced several successful mine extensions.
Negotiations between Emperor Mines Limited and Petromin PNG Holdings Limited began in late December 2007 with final agreement reached on Tuesday 5th February, 2008.
Mr. Kalinoe thanked Emperor Mines for its commitment to developing the mine over the last few years while the mine was under its ownership. He said the mine brings with it a lot of challenges in geology, engineering, logistics and mine management.
“Obviously the acquisition gives Petromin the opportunity to learn the ropes of managing and operating a mine in a challenging environment.
“We believe there is plenty of life at Tolukuma. It needs further exploration and infield drilling to prove up the reserves.
“The biggest strength we have is that it is a performing mine and it has a potentially large existing resource, infrastructure and staff who are committed to taking on the challenges even under a new owner.
“Petromin will have to take advantage of this strength and make it an efficient and effective operation,” Mr. Kalinoe said.
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