Papua New Guinea: Barrick Gold Corp, RTG Mining Inc., and Fortescue Metals Group Ltd. are just some of the companies interested in Panguna Mine
"The Horse Breeder, the Novelist and the $60 Billion Mine", 28 January 2020
If anyone wins the right to develop Panguna or other parts of the autonomous region they will need to do so cautiously. Violence remains a constant threat in a community that is still fiercely divided.
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....Paguna...mine's riches attract entrepreneurs hoping to develop the asset to a point where they can deliver it to a big operator for a fee....
Success will depend on earning the trust of thousands of poor, customary landholders, many of whom remember the civil war that was triggered by communities demanding greater compensation from the mine.
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"We retain strong levels of support among customary landowners within the project area," Bougainville Copper said.... "We have a trusted local team on the ground that continues to engage with project area communities."
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In June 2019, Kuhns flew several landowners to the U.S. to meet potential investors, including representatives from Barrick Gold Corp....
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Among those also interested in Panguna is Jeff...McGlinn's Caballus Mining....
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Another interested party is Richard Hains.... He's the largest shareholder of RTG Mining Inc....
"Some of the best opportunities in the mining business in the 21st century are now in the more difficult commercial environments," Hains said....
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"It's far smarter to start with a smaller footprint," said RTG Chairman Michael Carrick. "Then in consultation with the community, we can turn up the mine's operation."
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There are bigger fish too. Fortescue Metals Group Ltd....
...Chinese miners may also have a chance of redeveloping Panguna...
But the Panguna landowners group Chairman Miriori said the people he represents aren't interested in working with Chinese developers because of their poor environmental track record.
If anyone wins the right to develop Panguna or other parts of the autonomous region they will need to do so cautiously. Violence remains a constant threat in a community that is still fiercely divided.
[...]