Update on the Frieda River project November 2014- How Should PNG Deal with Rouge Company Pan Aust Ltd?
By GABRIEL RAMOI On the 2 nd of September 2014 the National Executive council deliberated on a joint submission endorsed by the Treasurer , The Minister for Mining and the Minister for State enterprise and unanimously agreed in Decision 265/2014 signed by the Prime Minister to reject the Sales of the Frieda Mine by Xstrata to Pan Aust Ltd and for the State to exercise its rights as a partner in the Frieda Project to make a offer to Xstrata Glencore to acquire their interest on the same terms and conditions as agreed to between Pan Aust and Xstrata Lts reached on the 30 th of September 2013 and to take over controlling interest in the Frieda Mine project. Despite the Cabinet Decision and indeed the terms of the Transfer of Sales Deed between Pan Aust Ltd and Xstrata Glencore Ltd , which is conditional upon the approval of the Government of PNG to allow the sales to go forward, Pan Aust Ltd , Xstrata Glencore and Highlands Pacific Ltd continue to defy the PNG