Ok Tedi project
p. 77 · Read in the full issue
New moves in Ok Tedi project
The Papua New Guinea Govern ment and the US mining company, Kennecott, look like patching up their differences over the Ok Tedi copper project. And Australia’s big gest company, BHP, may get in volved.
The PNG Government and Kenne cott have reopened talks. PNG is looking for at least one, and probably two, partners for the project because of the risk capital involved.
The chairman of BHP, Sir lan McLennan, in his annual address to shareholders, said BHP was having discussions with the PNG Govern ment about a possible involvement in Ok Tedi. Ok Tedi was a major copper ore body with stated reserves of more than 150 million tonnes grading 0.9 per cent copper.
Sir lan said that was not enough to justify commercial development, but further reserves were likely to be found. More than S4OO million would be required to finance the develop ment. If BHP secured an interest it would be as manager of the project.
Kennecott in six years, spent sl6 million establishing the presence of the 150 million tonnes of copper ore.