Growth Potential ? In a recent interview management sounded confident about proving up reserves.
Ian Stalker also commented on the Kainantu mine being situated in the middle of elephant country.
There are many smaller mining operations in PNG but it was a bit of a surprise to discover
Grasberg and Lihir are some of the largest mining deposits in the world.
Interesting neighbourhood..
Lihir Mine Overview LIHIR | 64,100,000 Oz Gold
Location: Niolam (aka Lihir) Island, PAPUA NEW GUINEA
Now we're entering rarified air. In the #3 spot is Lihir at a whopping 64Moz+. This large tropical open pit mine began production in 1997 and is currently owned by Australian major Newcrest who acquired it in 2010 for a cool US$22B. It's another remote mine, located on the small island of Lihir, over 900km (560mi) east of Port Moresby, Papua New Guinea. The pit is actually in the caldera of an extinct volcano that is geothermically active. Retrofitting is currently underway to dramatically increase production, which will likely make it one of the largest gold producers as well.
Grasberg Mine Overview GRASBERG | 106,231,000 Oz Gold Location: Papua, INDONESIA
At #1, Grasberg is the granddaddy of them all containing a whopping 100Moz+ of gold. The massive mine is owned by Freeport McMoRan but includes a sizeable sharing agreement with miner Rio Tinto. The site is located in the mountains at an altitude of 4,300 meters or 14,000 feet. In truth, Grasberg produces far more copper, by value, than gold and thus represents one of the world’s largest copper and gold mines. The operations consist of both open pit and underground mines, and have been in operation since the 1980's and the pit forms an enormous mile wide crater.
Sauli