Petromin owning state shares in Wafi-Golpu worries impacted communities.

Press Release

08^th September 2012
 

Petromin owning state shares in Wafi-Golpu worries impacted communities.

Petromin PNG Holdings Ltd Managing Director Joshua Kalinoe recent media statements responds to Harmony Gold Chief Executive Graham Briggs that state would pay for participation in the project did not seem to go down well with the mining impacted communities’ along the Watut river.

President of the Union of Watut River Communities Incorporated Mr. Reuben Mete says Petromin as the State’s nominee to participate in Wafi-Golpu is a slap to the face of the impacted communities. Mr. Mete said state would have compromises its roles as the regulator of the environment and mining when it is in business with mining companies.

(Picture: Mr Mete standing at the Hidden Valley Sediments load at Samsam Village in Mumeng LLG)

This has become a norm in this nation and we the small people are fed up with this type of hypocracies while development is forced down our throats.  We already have 10 large mines in this nation and yet there is no impact of mining boom on the lives of ordinary Papua New Guineans. The social environmental indicators of development in this nation tell a contradicting story while mining companies talk about sustainability given the non-renewable resource and its benefits to Papua New Guinea.

 Enough of Mining propaganda in this nation , we may have just come out of stone age life but we can read A,B,B and count 1,2,3 so please do not insult our intelligence as the government still lacks capacity to regulate this industry given the background of numerous unresolved issues over other mines. Let the regulator be the middle man rather than being a referee and a player at the same time which should have been describe as a conflict of interest.

Petomin has a poor record with social and environmental issues in the Tolokuma Gold Mine in Goilala hence, they should not be allowed into Wafi-Golpu. The people should rise-up, stop the project and demand Petromin off the hook. The South African Harmony Gold and Newcrest of Australia also polluted Watut River with sediments and toxic from the Hidden Valley Mine and yet the Government Regulatory arms are doing nothing about it.

Wafi-Golpu Mine would cost US$4.8 billion to develop and was estimated to produce up to 550,000 ounces of gold and 330,000 tonnes of copper annually for 26 years.

 

Approved for Release by:

Reuben Mete (Mr.)
President – Union of Watut River Communities Association Incorporated 
Mobile Phone: 725 22667
email: uowrc@yahoo.com.au

Namosi and Wafi-Golpu mines facing uncertain future

Miner Newcrest Cautious on New Projects as Costs Rise

By Rhiannon Hoyle | The Wall Street Journal
The world’s fourth-largest gold miner Newcrest Mining Ltd. suggested Monday that potential developments at Namosi in Fiji, O’Callaghans in Western Australia and Wafi-Golpu in Papua New Guinea may be delayed following a sustained rise in the cost of setting up new mining operations.
Sharply rising capital costs have put pressure on the gold sector in recent years, with overruns on new projects a recurring theme. Australia’s largest investment bank Macquarie said that recently Australian gold miners have had to increase their initial capital expenditure estimates by 20% after continued increases in labor and energy costs.
Mining companies more generally have been tightening their focus on cost control, and several of the largest diversified miners, including BHP Billiton Ltd. BHP +0.57% and Vale, have recently cautioned that they were reviewing or cutting capital expenditure as margins from their operations have fallen.
Newcrest, which owns Australia’s Cadia Valley and Telfer mines, said rising costs would make the company “a little bit more conservative” when it comes to deciding when its projects may move ahead, Chief Executive Officer Greg Robinson told analysts on a conference call.

“In the current environment, we will certainly spend within our means,” he said. “Newcrest will be very careful in committing capital to all new projects to make sure we don’t unwittingly absorb the peak cost cycle.”

“The time will come to do [these projects], but we will look at that timing very carefully,” Mr. Robinson said, adding that Newcrest’s focus is currently on the completion of its Cadia East project, in the Australian state of New South Wales, and the plant expansion at its Lihir deposit, in the New Ireland province of Papua New Guinea.
ATI Asset Management portfolio manager Ben Lyons, a shareholder in Newcrest, said cautious comments on future capital expenditure were “commonsense” given continued jitters among investors over the global outlook.

“The market is not in the mood to entertain lofty ambitions and highly-geared balance sheets,” he said.

Newcrest, which is in the process of renewing its bilateral debt facilities with a number of banks, is already considering expanding those debt facilities this quarter, said Chief Financial Officer Gerard Bond, without elaborating further.
Still, Newcrest plans to cut costs and improve operational performance in the year ahead and the company could improve productivity “significantly” through a range of measures, including training and technological innovation, Mr. Robinson said,

“Management is focused on a large program of operational improvement and cost reduction across the company, with particular attention continuing to being directed to Lihir reliability,” Newcrest said in its full-year earnings report.

The Melbourne-based miner aims to produce between 2.3 million and 2.5 million troy ounces of gold this financial year, up from 2.29 million ounces in the 12 months to June 30. It described production volumes for last year as “disappointing.”
Newcrest reported a 23% rise in net profit for the year to June 30, to 1.12 billion Australian dollars (US$1.18 billion) from $908 million Australian dollars in the previous year, thanks to a jump in the precious metal’s price, which rose to a record of US$1,920 an ounce last September.
Macquarie analyst Mitch Ryan described Newcrest’s full-year results as “another step in the right direction…We believe it will be another marker to arrest concerns and provide positive momentum for the stock,” Mr. Ryan said.
On Monday, Newcrest shares closed up 4.4% at $25.40 Australian dollars, while the benchmark S&P/ASX 200 index rose 0.1%. The shares are down 18% year-to-date but have rebounded 21% over the past three weeks.
Newcrest, with a market capitalization of $18.6 billion Australian dollars, is the world’s fourth largest gold miner behind Barrick Gold Corp., Goldcorp Inc. and Newmont Mining Corp.

Hon Sam Basil's hopefull preferance of service delivery

Reuben Mete

The information in this series is derived from public sources and in some cases may not be accurate. We invite readers to offer corrections and additional material by contacting the editor.

During the Election Campaign period, Bulolo MP Hon Sam Basil Campaigns that if he successfully retain the Bulolo Open Seat, he would deliver service acording to the preferences of votes he got. He as describe the Election as "Thomas Election" for the people of Bulolo. If his preferances were to be implemented, the Bulolo District Joint District Budget Priority Planning Committy (JDBPPC) priorities would look something like this with referance to the election outcome.

SN	Count No.	SB % Scored	Polling Place
01	41	96.13	Yenina, Anandia, Koroma, Tekadu
02	05	95.59	Baini P/S, Pidi
03	19	91.09	Rarl, Dawong, Lomalom, Bulandem, Chimburuk
04	42	88.37	Gorua,Kembaka, Nako, Wisini, Tori
05	38	87.90	Kuduru, Winima, Samuna, Werewere
06	37	82.59	Green Gill, Kaisinik PS, Kaisinik Vill, Biawen
07	26	81.28	Manga, Beamatu, Zeri, Kwasang, Jamondanga
08	17	77.74	Kumalu Elem, Kamox, Mumengtain, Yengen
09	03	75.65	Ngusi, Kasangare, Wisi, Sumu
10	04	75.55	Bapi, Popoya, Garaina Stn
11	30	75.24	Gumots, Piu, Dambi, Dangal
12	11	74.56	Bugiau, Wagau, Aiyayok, Mambumb, Moniau
13	02	71.76	Gaitaipa, Kasuma, Garawaria, Gusuwe
14	35	69.42	Bupu Bri. Bundun, Wafi Base, Zindanga P/S, Bawaga
15	20	67.49	DAL Stn, Nemnem, Weri Plantation
16	21	67.44	Mapos 1&2, Segaiyo,Pepekene, Tokanen
17	34	67.12	Hidden Valley, Watut LLG
18	27	66.73	Sambio P/S, Matom Tr, Baiune A/Post, Yansom Tr.
19	25	65.58	Andarora, Watut LLG Stn
20	31	64.56	Bitoi Babtist Ch, Namasali, Sansy Creek
21	16	64.06	Pamalambus, Patep Munanuing, Old Mumeng Stn
22	32	62.23	Society, Mangi Tawa
23	23	61.03	Gawapu, Kebi, Malangta P/S, Siapan
24	14	58.99	WBTA, ADO Comp, Wau Dist. Office
24	28	58.96	Nayeakes, Gwasak P/S, Mengalau
26	09	56.08	Timini, Gurako, Patep Maumba
27	06	55.75	M/Bokis, Pinetop, M/Booth, Kobiak, Maus Kuranga
28	15	55.49	9 Block, Sawdust, Wau Sec School
29	12	53.22	St. Peters P/S, Paradise Camp
30	36	49.43	Pokaluma, Venembeli, Wafi Base
31	33	49.40	Nauti, Ekopa, Watut LLG
32	24	47.17	Yawaipo, Sapanda, Kaumanga
33	08	43.74	New Camp, Water Supply
34	07	41.90	Bultech, CNGT, WBULLG
35	39	37.95	Tiaura, Titio, Garasa Stn, Au
36	13	34.12	St. Peter P/S, C/Centre, Nat. Forest
37	40	30.91	Kuduru, Winima, Samuna, Werewere
38	22	28.04	Menhi, Hawata, Pararoa, Gumi
39	10	26.06	Petep Br, Zepa P/S, Zenag Stn
40	01	19.35	Saiko, Moino, Arabuka
41	29	19.15	Ayalta, Manganis, Eddie Creek
42	18	16.26	Nami, 4 Mile, Wau Ecology