Tolukuma mine liquidated

“Asidokona Mining Resources is reputable, committed, has integrity, and capacity” said then Mining Minister, Byron Chan when the government sold the mine in 2015

Who in the Mineral Resource Authority is going to take responsibility for this monumental mess?


Tolukuma mine purchased by Asian finance company with no mining experience

More farce over government’s botched sale of Tolukuma mine

Tolukuma future looks bleak, despite MRA spin

Post Courier | February 13, 2018

One of Papua New Guinea’s gold mines, Tolukuma, was liquidated last week after a service provider took them to court for non-payment of bills totaling US$233,844 last year.

The National Court ordered on February 08, 2018, that:

  • Tolukuma Gold Mines Limited is placed into liquidation by this Court under the provisions of the Companies Act on the ground that it just and equitable that the company be placed into liquidation.
  • Andrew Pini of Pini Accountants and Advisors is appointed to act as liquidator of Tolukuma Gold Mines Limited.
  • Tolukuma Gold Mines Limited is to pay Hevi Lift Limited and IPI Catering Limited’s costs of and incidental to the proceeding.
  • The time of the entry of these orders is abridged to the date of settlement by the Registrar which shall take place forthwith.

Liquidator Andrew Pini confirmed yesterday that the National Court last Thursday appointed his accounting firm to take on the liquidation process effective immediately.

Hevi Lift took the matter to court in October 2017 for their outstanding of US$233,844 owing since June last year. Two other companies, IPI Catering and Pacific Development Contractors submitted in support their statements to the court, as they were also owed K1.6 million and K1.8 million respectively by Tolukuma Gold Mines.

“I don’t know exactly how much they owe the creditors or service providers, what I intend to do immediately is make an assessment of the real debt figure and then will put out a report,” Mr Pini said yesterday.

“I will visit the mine to start our process of liquidation, but for now I have come up with directions on how we can immediately start. I have put out public statements to all creditors of the company to come and lodge their claims using the prescribed claim Form 43 of Schedule 1 of the Companies Regulations 1998.

“In accordance with Regulations 21 and 22 creditors of the company are required to lodge their claims by 5pm Wednesday March 14, 2018. After this, then I will ascertain the real debt figure for the mine.”

A Singapore-based Asidokona Mining Resources, a private company, bought the Tolukuma gold mine in Central Province for K81.35 million to recapitalise and eventually restart it. They took over from Petromin in 2015.



Filed under Financial returns, Papua New Guinea

3 responses to “Tolukuma mine liquidated

  1. Pingback: Government nets next to nothing from Tolukuma mine sale | Papua New Guinea Mine Watch

  2. Pingback: Industry regulator not bothered by liquidation | Papua New Guinea Mine Watch

  3. Alex Lalup

    This is a very bold step taken by the court. Let the Law deal with the incompetent and unreliable aisan night club company. The mine is now liquidated and it’s good that the service providers sue the asian company for their dues. We want the liquidation process to take its course and the law must give an exit to Asidokona to pack up and leave this country. I encourage reputable financiers not to come to the aid of Asidokona. This company has no money to operate such a mine like Tolukuma.
    Lastly, I would like to see some steps and recommendations taken by the liquidator and we the locals from goilala would not like to see the asian night club come back to mine tolukuma – we need a new investor who has the potential to move tolukuma to the next step with its nearby exploration licenses.

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