Tag Archives: Marengo mining

No decision on future of Yandera mine until at least 2019

Yandera copper project in PNG ready to start, CEO tells industry

CANADIAN-based mining company Eda Resource, the developer of the Yandera copper project in Madang, is ready to get things off the ground as it has an efficient capital structure.

President and chief executive officer of Marengo Mining, Pieter Britz, made this known at the Mining and Petroleum conference in Port Moresby this week.

He said the company continued to investigate other base metal opportunities.

Britz said the company had an experienced board and management with good funding supported by “cornerstone investors”.

“As part of the evolution of the feasibility work that have been done throughout 2011, 2012 and 2013, we have an investor agreement with the Government,” he said.

“We have a strong working relationship with the landowners, the villagers, the tribes on the areas impacted by the Yandera project and we are already underway with our revised scoping studies. Blitz said the Yandera project had the potential to be developed.

He said the project was looking forward to making it a reality by working on the feasibility programme that would lead to a decision on the commercialisation of the project.

“We hope to have by the end of 2018 a definitive feasibility study completed and ready to make a decision on going forward in early 2019.”

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Marengo Mining to be suspended from stock exchange

Marengo retreating back to Canada as low resource prices impact on its available capital

The National aka The Loggers Times 

THE Marengo Mining Ltd will be suspended from trading on the Port Moresby stock exchange next Monday, according to a market report released yesterday.
The report said that “due to the pending delisting of MMC at the end of this month, the stock will be suspended on October 19, 2015 and eventual delisting on October 30, 2015.” Marengo, two months ago, announced that it had requested approval from POMSoX for its removal from the official list.
Following the company’s removal from POMSoX, Marengo securities would only be tradable on the Toronto stock exchange.
The company noted that on August 6, POMSoX advised Marengo on an in-principle basis that it would accept a formal application from the company to be removed from the official list, subject to the satisfaction of various conditions required by POMSoX.
The Marengo Mining board had considered that the significant compliance costs of maintaining a listing on POMSoX would be better spent on the company’s exploration programmes.
And only a small proportion (less than 5 per cent) of the company’s securities were registered on the PNG security register.
The board expected that the company’s security holder base in PNG would diminish even further over time, with future raisings expected to be done in the North American market.  Marengo had focused its attention on the Yandera project located in Madang.
The project, which comprises granted exploration licences, covers more than 1500 square kilometres and was the subject of intensive, drill-based exploration programmes.

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Marengo to raise $7.5 million for Yandera from new majority shareholder

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$7.5M ISSUE TO START PNG DRILLING RUSH

Mining Business Media

Marengo plans an immediate start to drilling at its Yandera copper-moly-gold project in PNG in December, when it completes the $US7.5M debenture note issue to new majority shareholder Sentient Executive GP-IV.

Contractors are immediately available and a rig is mobilised onsite pending shareholder and TSX-ASX approvals. The deal will lift Sentient’s shareholding from 22% to as much as 88%.

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Proposed Yandera mine going nowhere fast

Despite Marengo’s upbeat statements the proposed Yandera mine is clearly going nowhere… 

CEO: Yandera exploration progressing well

Post Courier 

MARENGO Mining Limited, the developer of the Yandera Mining project said that the company remained focused and on target for its economic copper resources for its Yandera deposits.

In a quarterly reported released last week, the company said that the new management team recognises that new and better resources are required to elevate the Yandera deposit to one that is economically robust. “In order to obtain that objective, the Company has decided to implement the following stages over the next three years: in stage one, the company is focusing its efforts on understanding new ideas and pursuing potential new discoveries through training, comprehensive data and field reviews, mapping and sampling of new areas, and potentially exploratory drilling.

In stage two, the company plans to follow this with a larger scale mapping and sampling program to continue to define new drill targets.

Chief executive officer Peiter Britz in the report stated, “the new targets will be prioritised and drilled after completing drilling and field studies while stage three is intended to be used for proving up new resources and completing an updated Resource model and potentially finalising an updated feasibility study.”

Mr Britz also said, “in order for the management team to increase confidence in our geologic understanding, we have implemented an intensive training course for the geologic and environmental staff. This initial program is now complete and included staff members visiting various North American explorations and mining projects and undergoing an intensive training program. Benefits derived from this program are already being realised in the generation and capture of new ideas throughout the project. A broader training program is being developed and will begin implementation in the New Year,” the CEO added.

On the corporate and financial report, Mr Britz sais there has been a Shareholder Approval of US$10 million (K25.1 million) financing by its Major Shareholder together with its wholly owned subsidiaries, Marengo Mining (PNG) Limited and Yandera Mining Company Limited. The companies signed a financing agreement (Debenture Agreement) with its major shareholder, Sentient Executive GP IV, Limited for the General Partner of Sentient Global Resources Fund IV, L.P. (collectively, Sentient).

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Yandera future looks increasingly unlikely

Miner positive on prospect

The National aka The Loggers Times 

EXPLORER Marengo Mining remains positive about the mineral potential at the Yandera copper project in Madang despite questions over the economic viability of the development.

Chief executive officer Pieter Britz said global resource markets, the falling copper price, a decrease in exploration and development and escalating capital and operating costs had brought into question the economic viability of the development of Yandera’s 2012 resource.

“During this quarter, the new management team completed a comprehensive review of all aspects of the feasibility work, and concluded that although progress had been made, and further optimisation of the resource and development options had been considered, the project would not currently yield the economics desired and therefore the feasibility work would not be completed at this time,” Britz said in the company’s June quarterly.

“However, during inspection of the 2012 resource, and further drilling, mapping and survey programmes completed since, management remains positive about the mineral potential at Yandera,” he added.

“As part of the comprehensive review of the known resource, it is emerging that a new structural model that controls mineralisation is becoming evident.

This new understanding is being used to predict where new discoveries and an increase of grade are likely to occur.

“This new model has been used to great effect recently.”

 

Miner makes Madang its base 

Freddy Mou | PNG Loop

yandera

Madang is now Marengo’s headquarters after the company closed its offices in Port Moresby and Perth in Australia.

Substantial work had been undertaken as part of the feasibility study at Yandera of resource definition and modelling, pit shell design, mine planning, metallurgical processing, capital and operating cost estimates, and certain logistics.

CEO Pieter Britz said with the new management team in place, the company would implement a three-year plan, with the initial focus on training, comprehensive data and field reviews, mapping and sampling of new areas, and potentially exploratory drilling.

“Extensive mapping and sampling in this new area has revealed potential wide zones of mineralisation and alteration that exhibit abundant bornite and chalcopyrite within both potassic and phyllic alteration zones.

“These new discoveries have given management confidence that new and potentially higher-grade mineralisation can be found and brought into additional resources through the implementation of an intensive geologic work program.”

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Marengo takes a step back to re-evaluate Yandera future

Marengo sets forward plan

Rosalyn Albaniel-Evara | Post Courier

marengoMARENGO Mining Limited is in the process of developing a three year plan going forward for the Yandera Mine which also includes a the training of its local staff.

High also on this plan is a geological audit which will be undertaken on its existing resource base and a program to identify new areas with high grade deposits.

This was made known by the company’s Chief Executive Officer Pieter Britz and Chief Operating Officer John Mears while in country last week.

Mr Mears, who is a geologist by profession, said as part of the plan that there to be plans in place by the company to provide opportunities for the local geologist and the geology team abroad.

He said this would include travels to his home country in the United States of America to visit operating mines as exploration projects.

He said the purpose being to open their eyes and their thoughts on how they can then in turn take the Yandera project forward.

He said plans also to be in place to develop and equip not only the geologists but other professionals with working tools including new software to aid in the project’s progression.

Mr Mears said this year would be a busy year that the company would be looking at taking a step back and in doing so going back to the basics- mapping and sampling.

He said this would require a lot of hard work but that the company to be prepared and excited.

He said he confident that with the support of the Founding President and CEO Les Emery and the strong support of the company’s board of directors, its major shareholder-Sentient Group that the plans to be achievable.

Mr Britz said the project to be one with a lot of potential and this to be recognized by the company’s major shareholder-Sentient who been very supportive of the project.

He said in recognition of the potential this project has that it had since dedicated two of its senior executives-himself and Mr Mears to get involved with the project.

The Sentient Group has also in recent weeks as a show of its optimism and commitment also signed off on a loan of US$3 million, which the company had announced in a recent statement to the market would be used to finance its working capital requirements and for general corporate purposes.

He said while it would be the desire of all to see the company press the button on the development, that this would be difficult at this stage.

This he said to be due to the global financial condition, lack of market support and commodity cycle. He said in this regard the company would be working smart adding the focus now would be for it to go back to basics that being conducting a resource definition, ensuring that is robust and economical.

He said all this to be entailed in the three year plan the company would be setting in place for itself.

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Marengo scrabbling for cash to prop up Yandera dreams

Marengo Obtains US$3 Million Loan from Its Major Shareholder

Marengo Mining | Junior Mining Network

Marengo Mining Limited is pleased to announce that, the Company has signed a loan agreement with its major shareholder, Sentient.

Under the terms of the Loan Agreement, Sentient will provide Marengo with a loan facility of US$3,000,000. The Loan accrues interests monthly at a rate of 9% per annum, payable quarterly. The maturity date of the Loan is December 31, 2014.

Subject to applicable shareholder and regulatory approvals, the principal and interest accrued on the Loan may be payable by the Company through the issuance of common shares or other securities convertible into common shares of Marengo.

The Company expects to use the funds obtained from the Loan to fund its working capital requirements and for general corporate purposes.

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