More foreign companies trading PNG resources as if PNG laws and landowners didn’t exist
PNG Resources | August 07, 2017
ASX-listed Niuminco Group Limited is now the 100% owner of the historic Edie Creek gold mine in PNG after completing an agreement to purchase the final 17% interest it did not hold.
The company has acquired the 17% interest in the in the Edie Creek mining leases held by former Joint Venture partner Mincor Resources NL’s subsidiary Mincor PNG Limited (to be renamed Niuminco EC Limited) by purchasing the ordinary shares in that company.
The purchasing company is one of Niuminco’s PNG subsidiaries, Niuminco Edie Creek Limited.
The purchase price of $150,000 is payable two years from the completion date in cash or shares (at Niuminco’s election), or earlier should Niuminco sell the leases to a third party.
Should Niuminco choose to pay in shares, the share price will be the 30 day VWAP for the 30 trading days immediately preceding the date of the notice of election by Niuminco.