Indochine acquires stake in PNG

INDOCHINE Mining has completed the acquisition of the Mt Kare gold-silver project in Papua New Guinea, according to reports from the Asia Miner.
Indochine acquires stake in PNG Indochine acquires stake in PNG Indochine acquires stake in PNG Indochine acquires stake in PNG Indochine acquires stake in PNG

The cost of the acquisition reached about $A27 million and Indochine will assume ownership of Summit Development, which currently holds the exploration licence for Mt Kare.

According to the report, Indochine and Summit will immediately start a bankable feasibility study, which is expected to take 18 months to finalise.

The BFS will include metallurgy, environment, ethnography and a social mapping study.

Indochine chief executive officer Stephen Promnitz told the Asia Miner it was a significant step for Indochine and was something the landowners had been anticipating.

"Landowners have been waiting for more than 20 years for Mt Kare to be developed, which is why the majority supported Summit to develop the project at two public hearings and Summit's lease was then approved by government authorities," Promnitz said.

"The combination of Summit's vision in securing the leases, with landowner support, together with Indochine's international financial support will enable the development of Mt Kare for the benefit of all stakeholders."

Mt Kare is estimated to contain about 2 million ounces of gold.

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