THE Frieda Mine project is Papua New Guinea’s largest reported copper, gold and silver resource. The value of the copper alone, not counting , gold and silver, is about $US75 billion and an investment of $6 billion is required to realise this.
This is the resource that Pan Aust Ltd said it will pay $125 million to own. It has put down $25 million as deposit and will pay another $50 million by the end of 2015 after it has taken control of the mine. The balance will follow later.
On Monday of last week, Pan Aust announced to the Australian Stock Exchange that the condition precedent of the September 2013 deed of sale with Glencore had been satisfied allowing the sale to proceed. The condition referred to was approval from the PNG government.