CNN 6.25% 15.0¢ cardia bioplastics limited


  1. 689 Posts.
    This was in todays Post Courier Mail In PNG.
    Seems to be getting lots of media attenetion of late.

    Rehab plan for Fly River

    AN environmental company has presented a submission to the government to “remediate’’ the environmental impacts of the Ok Tedi mine on the Fly River system.
    Cardia Technologies Ltd told the Australian Stock Exchange in its quarterly report, it has a one-third interest in a company to be renamed Ecoremediation PNG Ltd, which has been appointed as a consultant to the Office of Environment and Conservation.
    Cardia said this company would plan “the remediation of the Fly River system in PNG’’.
    It said the Office of Environment and Conservation has advised Cardia that they are preparing a submission to the Government for approval and funding allocation of Ecoremediation PNG Ltd’s proposal.
    “The Ok Tedi submission includes an action plan and the various options available to rehabilitate the Ok Tedi mine area that is also located in PNG (and which has environment impacts on the Fly River System),’’ Cardia told the ASX.
    “At this stage, the final costings are yet to be negotiated but are expected to be substantial.’’
    Cardia said the final proposal was submitted to the Government on January 31 and Cardia directors Pat Volpe and Ken Ingbritsen were part of a delegation that attended a technical briefing and report presentation to government departments in Port Moresby the same day.
    The presentation was co-ordinated by the Office of Environment and Conservation.
    “At this stage, the timing of the submission to the National Executive Council (NEC) is not known, due to the PNG elections being called,” Cardia said.
    “However, visits to Cardia’s assembly plant in Geebung, Brisbane, by delegations from both the PNG Minister for Mining and the PNG Minister for Environment and Conservation on February 14 and 15 confirmed their approval of the Waterpower technology for wastewater treatment of minesites and river remediation.”
    Cardia said they also advanced $A20,000 as a working capital loan to Ecoremediation.
    “Cardia has an option to increase its equity in that company to 52 per cent by the issue of new equity, or for cash consideration, should any contracts be awarded to Ecoremediation.
    “The consideration to be paid for the increase in shareholding of Ecoremediation PNG Ltd will be determined by two independent experts,’’ the company told the ASX.
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