Mystery buyer for Tolukuma mine

Suntec Tower One is the registered address of S and 219 other businnes

Suntec Tower One is the registered address of Asidokona – and 219 other companies…

Asidokona Mining Resources is reputable, committed, has integrity, and capacity according to Mining Minister Byron Chan. But the ownership and antecedents of the company, which has just paid K80 million for the mothballed Tolukuma mine [see story below] remains shrouded in mystery.

Asidokona Mining Resources was only registered in Singapore in July this year. So the company has no mining experience and it is hard to see how it could be described as reputable after only 3 months of trading!

Perhaps Mr Chan should tell us who owns Asidokona Mining Resources?

Singapore firm with Motuan name buys Tolukuma mine in Papua New Guinea

Shirley Mauludu | The National aka The Loggers Times

A COMPANY in Singapore has bought the Tolukuma gold mine in Central for around K81.35 million to re-capitalise and eventually restart the mine.

The official exchange of the share sale agreement took place last Wednesday between Petromin Holdings Limited and Asidokona Mining Resources Ltd.

The ceremony was witnessed by Petromin chairman Sir Brown Bai, Mining Minister Byron Chan and the Mineral Resources Authority managing director Phillip Samar.

Petromin managing director Thomas Abe said Petromin recognised several years ago that the struggling Tolukuma mine was best divested.

“We have a buyer who has the integrity, the will, and the capacity to reinvigorate the Tolukuma mine,” he said.

Asidokona Mining Resources Ltd executive chairman Philip Soh said the company would be run by Papua New Guineans.

As per the agreement, the Central provincial government and landowners would have a 10 per cent shareholding in the new company at no cost to them.

The deal includes a K6 million commitment by Asidokona to assist in funding the construction of a new road, which will not only benefit the mine but open up Goilala district to further exploration and provide people access to markets and basic services.

The company said while design and tendering on the new Doa-Tolukuma road continued, they would widen the existing horse trail currently being used by locals to reach the Hiritano Highway.

Chan highlighted the significance of a reputable Singapore investor choosing to invest in Papua New Guinea.

“This is a sign of confidence in the country’s resources sector, and a lead for other investors to follow,” Chan said.

He thanked Petromin for bringing a reputable and committed investor to keep the mine open – for the benefit of the Goilala people.

Petromin would change its name to Kumul Minerals Holdings Ltd from January 1 next year.

6 Comments

Filed under Papua New Guinea

6 responses to “Mystery buyer for Tolukuma mine

  1. nick

    They have the technical & financial capacity to deliver the struggle TGM.

  2. Les pinis

    it appears to be one of the corrupt politicians shelf companies..

  3. Pingback: Tolukuma mine purchased by Asian finance company with no mining experience | Papua New Guinea Mine Watch

  4. Pingback: Govt needs to explain huge difference in mine sale prices | PNGexposed Blog

  5. Pingback: Govt needs to explain huge difference in mine sale prices | Papua New Guinea Mine Watch

  6. Pingback: Tolukuma mine owners deny profitering in sale to Singapore nightclub company | Papua New Guinea Mine Watch

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