Tolukuma mine purchased by Asian finance company with no mining experience

Tolukuma mine has been bought by an Asian securities and investment company, UOB Kay Hian operating behind the name Asidokona Mining Resource.

This has been revealed by Petromin Chairman Brown Bai (see story below)

UOB is NOT a mining company and has no mining experience, rather it is a financial company that makes money by trading in company stocks and gambling in the futures markets.

UOB’s purchase of Tolukma will not be to make money directly out of mining but rather to use the potential mine resources as an asset it can gamble with on the international markets.

Other stories on the Tolukuma sale
Mystery buyer for Tolukuma mine
Mining Minister clueless on details of Tolokuma sale
Govt released convicted prisoner to facilitate mine deal
Central leaders want Tolukuma MOA reviewed

Sale of Tolukuma based on commercial considerations
Post Courier
Asidokona Mining Resource LTD PTE is a special purpose vehicle created and registered in Singapore by UOB Kay Hian and its shareholders for the purpose of acquiring Tolukuma Gold Mine.
This information has been revealed in a statement by Sir Brown Bai, Board chairman of Petromin Holdings Limited.
Sir Bai reaffirms that the decision to sell Tolukuma was based on commercial considerations, and refutes claims that the decision was made with political overtones.
“Tolukuma is 100% owned by Petromin and the Petromin Board, which I chair, is solely responsible for the decision to sell the mine, which was based on commercial considerations and nothing else.
“I am proud of our governance structure here in Petromin, which allows the board to make independent decisions without any trace of political influence,” he said.
He says since the acquisition of the mine in 2008, TGM had accumulated losses of over K170 million and was relying solely on funding support from Petromin. This added financial burden which Petromin could no longer bear, especially with the downturn in commodity prices and activities.
He stressed that the divestment of TGM was entirely driven by the management and boards of TGM and Petromin from the start.
He also argues that their management worked closely with the Central Provincial Government from day one of announcing the mine would be closed and divested. “We can provide evidence that the management of both Petromin and TGM had a series of consultations with CPG Administration before and after the shortlisted bids were considered,” Sir Brown said and urged politicians and others commenting on the sale of TGM to be factual and fair in their comments.
He therefore urged all stakeholders to embrace this opportunity and work cooperatively with Petromin and Asidokona to reach completion of the sale of TGM.

5 Comments

Filed under Papua New Guinea

5 responses to “Tolukuma mine purchased by Asian finance company with no mining experience

  1. Karis

    Well if they just use the mine to get money from gullible investors and leave the locals in peace ie never digging anything then I say good idea! Is this the case?

  2. Michael Kiap

    Can dates of reports be posted with acknowledgement of sources? Example, “Post Courier, 4th November 2016.”

  3. Pingback: Tolokuma mine to be purchased by Singapore nightclub company | 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

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