Coppermoly still needs permit, firm says

The National aka The Loggers Times 

THERE is no guarantee that Coppermoly will be able to obtain all of the necessary approvals, permits, licences and consents required to develop the West New Britain (WNB) project, the company says.

Coppermoly is an Australia Stock Market-listed exploration company targeting porphyry-style large scale-low grade projects prospective for copper, gold and molybdenum.  The company’s projects are located in WNB.

The company in its 2015 report said WNB projects and its other licences were subjected to the following key sensitivities:

  • The delineation of sufficient copper/gold reserves so as to result in the viable extraction and processing of copper/gold from the West New Britain projects,
  • copper and gold prices,
  • mining and processing costs of copper and gold ores,
  • the capital cost to construct any required processing plant and associated facilities or the cost of transporting any extracted materials to a third party’s processing facility,
  • national/provincial/local government stakes that may be included in any subsequent development agreement; and,
  • consent from the customary landowners or other parties for access to exploration licences.

Coppermoly’s wholly owned subsidiary, Copper Quest Papua New Guinea Ltd, is the legal holder of five exploration licences (EL).

The five are; EL 1043 (Nakru),  EL 2379 (Simuku), EL 1782 (Powell), EL 2014 (Makmak), EL 2272 (Wowonga) . As at the date of this report, the current term of the Powell EL has expired.

1 Comment

Filed under Exploration, Financial returns, Mine construction

One response to “Coppermoly still needs permit, firm says

  1. Maurice Gannon

    What’s more the company has virtually no cash, now has debts (convertible notes), a rediculously minuscule share price, a large number of shares on issue, virtually no employees or equipment, very little interest in PNG and is dominated by a small number of ‘connected’ shareholders. The company previously had proud achievements, set the right standards in community relations and real potential to succeed. It was one of the first companies to list on POMSOX, indicating it’s real commitment to PNG. It’s lost it’s soul and now this company seems just the same as the rest. What a great shame. At least it hasn’t left an environmental mess behind for others to clean up.

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