Liquidator Keen To Complete Sale Of ‘World Class’ Tolukuma Gold Mine

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Gorethy Kenneth | Post Courier | July 2, 2019

The Tolukuma Gold Mine in Central Province is now on sale.

And tenders have gone out locally and internationally this month, while the K1.2 billion outstanding claim is now under review.

Liquidator Andrew Pini of Pini Accountants and Advisors told Post-Courier late yesterday that tenders have gone out this week, specifically in Australia, Singapore and China apart from it already advertised locally in PNG.

Mr Pini said that the mine currently has two existing tenements which are active assets – the mining licence (ML) and the exploration licence and four tenement applications which would be issued to the new owner after the sale of the mine.

He is looking at completing the sale process in August with expectation of the successful bidder or investor to start operating the mine about October or November.

“All employees’ entitlements, I will pay them off, which is more than K1 million and then the creditors’ claims. I am in the process of contacting them now, soon they will get their letters, the creditors of the company, those that rendered goods and services to the company prior to liquidation, as they have lodged their claims,” he said.

“Their claims go as far as K20 million but actually it is K1 billion-plus, including the landowner claims, some chemical spills and the helicopter bill. They will all be reviewed.

“We will get the new investor to start operating the mine around September or October, even by November.”

Asked if investors were interested in the mine, Mr Pini said: “I have received a lot of interest and as soon as this goes out, I will contact them to formally lodge their applications.

“As a liquidator I will make sure I secure a bidder who will provide evidence of funds availability and technical capability requirements to operate into the future.”

Tolukuma Gold Mine is located within a highly mineralised region with mostly gold and silver deposits. The entire Tolukuma mine tenement (ML04) is situated on an area of land of 771.7 hectares.

The mine caters for a helipad, residential quarters, the catering facilities, the administration buildings, processing plant, workshops and warehouse for equipment and supplies.

The sale also includes various assets (buildings, warehouse, containers, chemicals, transit accommodation, fuel tanks, equipment including forklifts, generators, mining consumables and more, located at Veimauri, a transit location outside Port Moresby.

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Filed under Financial returns, Mine construction, Papua New Guinea

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