IPA should reject the offer by a junior Player Pan Aust Ltd to Buy a Controlling Interest in Freida.
By GABRIEL RAMOI There is an application pending approval at IPA for junior Mining Company Pan Aust LTD to buy majority Interest in the Freida Mine for US$25 million. This development is unacceptable and the Prime Minister and the Minister for Mines ,Commerce and State Enterprise must summon Xstrata –Glencore forthwith to explain the nature of the arrangement with Pan Aust Ltd The Government of PNG by law has the right of First refusal to acquire the interest of Xstrata - Glencore and must outlay the US$25 million to take over the controlling interest in Freida now and Develop the mine itself as it is now doing in OK Tedi and safe guard the wealth of the nation and not allow Foreign Carpet Beggars to pull a wool over our eyes. It is obvious what is being schemed here. Pan Aust Ltd is a company that is under Capitalised and is incapable of raise US$6 Billion which is the estimated development cost in bringing Freida Mine into Production without sovereign backing from the PNG