Japanese In Png
p. 99 · Read in the full issue
Copper Search
PNG Minister for Mines and Energy, Sir Paul Lapun, has ap proved a plan for a group of Japanese companies to become involved in development of the Frieda River copper prospect in the West Sepik district.
Under the plan, the Japanese group, which is headed by the Sumitomo Corporation, will spend up to $5 million over the next five years in exploration, testing and engineering work.
If the Japanese companies spend the full $5 million, they earn a 40 per cent interest in the project. The remaining 60 per cent would be held by Mt Isa Mines, which has done the ex ploration work at Frieda River to date.
The Frieda River deposit is estimated to contain more than 300 million tons of low-grade copper ore.