Big companies close on Star Mountains mine deal
Freddy Mou | PNG Loop
Highlands Pacific Limited and a wholly owned subsidiary of Anglo American Plc are intending to finalise their proposed joint venture and farm-in agreements for the Star Mountains copper gold project at Tabubil, Western Province by February 5.
The proposed exploration and development joint venture was announced on December 8 with completion initially expected within one month.
The timetable has been extended to enable finalisation of the detailed agreements and the general terms of the proposed joint venture and farm-in remain as announced on December 8.
As previously advised, Anglo American has completed due diligence on the project and is in the advanced stage of planning a drilling campaign, with exploration to start in the current quarter.
Highlands’ Star Mountains exploration tenements cover 515 sq km and are located within the prospective New Guinean Orogenic Belt, which hosts the Grasberg, Ok Tedi, Porgera and Hidden Valley mines, as well as the Frieda deposit.
Exploration over the past three years, funded and conducted by Highlands, has identified significant copper and gold mineralisation.