OSH 1.45% $2.79 oil search limited

AurionGold to re-open

  1. 99 Posts.
    Good news for Oil Search and PNG.
    Porgera plant to reopen soon - Auriongold

    SYDNEY, Aug 13 (Reuters) - Australian gold producer AurionGold said on Tuesday a treatment plant at its Porgera gold mine in Papua New Guinea is set to reopen within days and some 60,000 ounces of stockpiled production could be treated.

    "The expectation at this stage is that the Porgera treatment plant could be restarting as soon as this weekend," chief executive Terry Burgess told reporters through a conference call.

    The Porgera joint venture is in impoverished Papua New Guinea's mineral-rich Southern Highlands, marked by widespread national election violence aimed at multi-national oil and gas projects.

    "We don't see that it's going to impact much on our half-year to December production. There might be a small impact in the quarter," Burgess said.

    About two weeks ago, the Porgera joint venture said pylons, which supplied power from the nearby Hides gasfield, had been toppled in what it believed was election-related violence.

    Burgess said the biggest obstacle of late to repairing the damage had been rain and fog.

    Porgera, a key Papua New Guinea export earner, produces about 1.0 million ounces of a gold a year.

    Canada-based Placer Dome PDG.TO owns half of Porgera, and Placer takeover target AurionGold has 25 percent. The remaining 25 percent is held by Oil Search Ltd (ASX: OSH) and PNG government agencies.

    AurionGold, about 27 percent owned by Placer, earlier posted record full-year net profit of A$63.25 million (US$34.2 million) from A$47.7 million a year ago. It also flagged higher production and profit this fiscal year.

    Mark.
 
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