Gold company
p. 32 · Read in the full issue
in Canadian merger
One of the leading com panies in the area of Papua New Guinea’s gold mining, Placer Development, is plan ning to merge with two other Canadian gold mining com panies, Dome Mines Ltd and Campbell Red Lakes Mines Ltd. Placer Development con trols 78.57 per cent of Placer Pacific Ltd, who owns the prop osed Misima Island gold mining prospect as well as shares in the gold mines at Porgera in the Western Highlands. Porgera mine is one of the largest undeveloped gold deposits in the world, with an estimated 400 tonnes of gold on the basis of surface exploration only.
Misima Island mines are still the subject of compensation claims by the local landowners, and initial exploration is promising.