Future of Tolukuma mine looks very uncertain

Petromin to determine future of Tolukuma mine

Niugini Nius | Pacific Mining Watch

Tolukuma gold mine’s (TGM) future will be discussed by the board of Petromin this Friday, managing director of Petromin PNG Holdings Limited (Petromin) Thomas Abe said.

Mr Abe said this following reports on social media stating that Petromin was in the process of closing the mine over the weekend.

Information on social media (Facebook) stated that this announcement was made known to staff by the management and all critical services at the mine have been placed under care maintenance since.

“Petromin has been funding Tolukuma for sometime now and its future will be discussed by the board of Petromin on Friday,” Mr Abe told the Post-Courier.

George Gusi, chairman of the Yulai Landowner Association (YLA) from the mine impacted area said he was not aware of any plans to close Tolukuma.

Mr Gusi explained that in the case where the mine is to be close, for the satisfaction of all parties; the government, stakeholders and relevant landowners are to meet and be formally informed of the closure where necessary arrangements will be made.

“There is something called the mine closure plan and we never had this,” he said.

But sources from the mine have confirmed that there has been talk by management at Tolukuma on the closing of the gold mine.

The sources also claim there has been no work for almost a month now and are awaiting final words from the board meeting to be held this Friday.

In a related case, YLA chairman George Gusi said their petition to Petromin PNG presented last month has not been addressed yet.

According to Gusi, among points mentioned in the petition, YLA had asked Petromin to sell the mine if they were not capable of handling Tolukuma.

1 Comment

Filed under Financial returns, Papua New Guinea

One response to “Future of Tolukuma mine looks very uncertain

  1. This is scary for PNG Economy.

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