The Bastardization of the Frieda Project by Pan Aust Ltd
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 30 th 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