Indochine Mining has been formally advised that the exploration licence has been renewed over the company’s Mt Kare Gold/Silver Project. The licence is held by Indochine’s wholly-owned subsidiary, Summit Development Limited.
PNG’s Minister for Mining Byron Chan made a public announcement regarding the renewal of the licence. He said he was pleased with the company’s approach with local communities and supported development and mining at Mt Kare. The Prime Minister made similar comments of support on the floor of parliament in recent weeks.
“It is my Government’s intention to support mining prospects such as Mt Kare, which offer PNG significant new development and social, educational and economic advancement opportunities,” Byron Chan said.
The political and regulatory support has been welcomed following overwhelming local community support.
Indochine Mining is an ASX-listed gold-copper exploration and development company. In Cambodia, it has the largest mining property holding in a country that has had very limited modern exploration, and is within a region known for world-class gold and copper deposits. In PNG, also known for large gold and copper deposits, Indochine holds an option over a major gold resource at Mt Kare. In Laos, potential exploration areas are being evaluated.