COPPERMOLY GOES FOR GOLD IN PNG

Written on the 24 November 2010

COPPERMOLY GOES FOR GOLD IN PNG

ASX-LISTED gold and copper miner Coppermoly Limited (COY) has assured shareholders that prospects are solid in its PNG tenements after securing future exploration funding with Canadian multinational Barrick Gold.

Barrick Gold is one of the largest and most successful exploration and mining companies in the world and will fully fund at least three projects in 2011. It has already funded $5 million in projects.

Despite recording a $2.1 million loss for FY10, Gold Coast-based Coppermoly has improved its cash position by $1.7 million, as it continues exploration work on its PNG copper-gold projects.
The company has exploration licence applications in place for additional tenements on New Britain Island and will continue to apply its expertise in exploration when granted.

Managing director Peter Swiridiuk, indicated that growth could be 20 per cent in FY11 if all applications are granted, with potential market cap of around $30 million.

“I have just arrived back from PNG and applications are in progress,” says Swiridiuk.

“We need to increase shareholders in PNG – there are currently 100 and we need 300. The second quarter next year could see us raise capital if exploration permits are granted.”
Swiridiuk says while security in PNG is a constant, the company is fortunate that it had not encountered landowner issues.

“Landowner groups have been quite supportive, they want to see these projects go ahead. We have two landowner groups working on one of the projects and have engaged another three groups on another.”

Chairman Peter McNeil (pictured) is optimistic given projects are in the pipeline.

“The company has substantially advanced its exploration licenses in less than three years of listing on the Australian Stock Exchange. It has also secured the future – to the extent that it is possible – for the ongoing exploration of those tenements,” he says.

All resolutions were passed at the company’s AGM on the Gold Coast today.

COY shares were down 6 per cent at close to $0.155.



Latest News

ASF UNVEILS TRAFFIC PLANS FOR THE SPIT

A SECOND bridge over the Nerang River is the centrepiece of the ASF Consortium's plan to improve traffic flow ...

BHP AND VALE EDGE CLOSER TO $47.5 BILLION SAMARCO DAM DISASTER SETTLEMENT

BHP Billiton (ASX: BHP) and Brazilian mining company Vale have entered into a preliminary agreement with Brazilian fe...

BLK SPORT FOUNDER TYRON BRANT REMAINS CEO UNDER NEW OWNERS

BLK Sport has been purchased from receivers McGrathNicol by a private consortium composed of a TimorLeste-based oi...

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

Related News

CARSALES CEO RETIRES AS NEW COMPETITOR COX FINALISES MERGER

CARSALES will have a new CEO as it takes on a fresh challenger to its crown as the dominant online car sales portal i...

BUSINESS CONFIDENCE AT A SIX-YEAR HIGH

SMALL and medium businesses have entered 2017 with their confidence at a six-year high, building on strong gains m...

CONSUMERS PESSIMISTIC ENTERING 2017

CONSUMER confidence remains at its weakest point since April 2016, according to the latest Westpac Melbourne Institut...

RISE OF STARTUP SUPPORT PROGRAMS NOT AS ROSY AT IT SEEMS

ENTREPRENEURIAL cultivation companies in Australia are appearing quickly, but questions have been raised about whe...

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter