Talks underway for Tolukuma mine operator

PNG Facts

PNG Government through Petromin is in the final stages of negotiating a potential buyer and operator for Tolukuma mine, Prime Minister Hon. Peter O’Neill revealed in Parliament yesterday.

He said a company and its investor have already agreed to mine Tolukuma but he will make a formal announcement once Petromin finalises the instruments and agreement.

Prime Minister Hon. Peter O’Neill told Parliament that Tolukuma had shut down under his instructions recently because Petromin had lost over K100 million and as a company could not afford to maintain that kind of exposure.

He was responding to questions from Deputy Opposition Leader Sam Basil who queried on behalf of a group of landowners and people affected economically by its closure.

“They shut down to undertake care and maintenance. But I must assure the Member that Petromin is now in the final stages of negotiating a potential buyer, they have gone to tender and a new investor is soon to come,” Prime Minister Hon. Peter O’Neill said.”we are trying to encourage them to operate that mine and tenements around the Tolukuma area,” he said.

“Once concluded I will make a formal announcement,” Prime Minister Hon. Peter O’Neill said.

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Filed under Financial returns, Papua New Guinea

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