Marengo Mining has entered into a Memorandum of Understanding (MoU) with the Madang Development Corporation (MDC) to cooperate in, and explore becoming an offtake party, in relation to a power supply solution for industrial, and domestic electricity consumers in Madang province.
MDC was established in 1977 and is the business arm of the Madang Provincial Government. The MDC was created to develop and operate commercial ventures on behalf of the Madang Provincial Government.
The MDC is currently in discussions with international foreign investment groups, interested in investing in power generation and supply, within Madang province. Under the terms of this non-binding MoU, which was signed in the presence of the Governor of Madang Province, Jim Kas, Marengo and the MDC have agreed to cooperate in advancing these discussions.