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Showing posts with the label FREIDA

FUTURE PAPUA NEW GUINEANS WILL PAY FOR O'NEILL RECKLESS BORROWING

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by PONOWI SIWI REMO

WHEN PEOPLE NEED TO BORROW OTHER PEOPLE'S MONEY FAST, THEY ALWAYS PAY THE PRICE: 

They get less money at more cost and this is what Peter O'Neill is doing right now. He's not mortgaging PNG's wealth, he will be destroying it.

China is a massive sea of humanity, 1.35 billion out of the total world population of 7.4 billion. Much of China's land is desert. There is a massive concentration of population along the coasts and fertile river valleys. As the population has continued to grow, land has become more short, and people struggle just to grow enough food to eat. The massive rural impoverishment has caused a spillover into urban areas. People are packed like tinned mackerel in many of the cities. They have virtually no living space and certainly will never own any land. They will never own their accommodation in most cases, unless it is a tiny little apartment where an entire family is packed. Think of how you would feel if you were forced to live …

The Bastardization of the Frieda Project by Pan Aust Ltd

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The  Bastardization of the Frieda Project by Pan Aust Ltd- US$50million  Settlement Over Due -Since Nov-2015-Up Date on the Frieda Project – February 2016  On the  30th of August  2013 a deed of settlement was entered into between Pan Aust Ltd and Xstrata-Glencore Mining  for the sale of EL 56   covering the Nena -Frieda Deposit. On the signing of the Deed ,  US$25m  exchanged hands between the two  with US$50m now Due and outstanding since November 2015.. The payment of the additional US$50m rides on the back of Pan Aust obtaining approval from  the PNG Government to proceed with its Bastardized Version of the original Mine Development Concept first proposed by Xstrata Mining   to the  PNG Government in 2012. In 2012  Xstrata Mining Ltd proposed to  develop the world class Frieda Mine with a Capital Expenditure Budget of US$5.4 Billion which consist of the plan to develop a fully integrated open cut copper  mine with a potential life  of 40 years with a 68 MW Hydro Power Plant costin…