Frieda mine could be one of world’s best

THE Frieda River project, a gold and copper mine developed by Xstrata Mining Ltd and Highlands Pacific Ltd, is estimated to have more than 11 million tonnes of copper and 18 million ounces of gold in its Nena, Horse/Ivaal/Trukai (HIT) and Koki deposits, The National reports.
The project, currently undergoing a bankable feasibility study (BFS) carried out by Xstrata, when in full production will put Frieda on the map as one of the world's top 15 copper mines.
Highlands Pacific managing director John Gooding said yesterday that the production life of Frieda could be up to 20-30 years, with the first eight years producing 250,000 tonnes per annum of copper and 380,000 ounces per annum of gold.
"If you look at its second year of operation, on or about the year 2018 on current schedules, Frieda will produce about 320,000 tonnes of copper and a massive 580,000 ounces of gold.
"This would place it in the top 10 if in production today," he explained.
Gooding pointed out that Frieda has in-ground copper and gold resource potential for many decades of production.
"To put the current Frieda resource in context, that is about double the current inventory at the fabulous Wafi-Golpu project which stock market analysts have placed valuations on in the billions of dollars," he told shareholders at the annual general meeting.
Frieda River project, located between the East and West Sepik provinces, is 81.82% owned by Xstrata who are funding its BFS, and by Highlands Pacific (18.18%).
Gooding said the other exploration project for Highlands Pacific on Star mountains has also reported significant copper gold intersections from its drilling programme.

APEC needs to put empowerment of SMEs at center of economic agenda: US Commerce Secretary

Issued by the APEC Small and Medium Enterprises Working Group

 

Big Sky, Montana, 18 May, 2011 - "Growing renewable energy industries, such as wind, solar and biofuels, are a critical part of catalyzing clean economic growth," said US Commerce Secretary Gary Locke on Wednesday in Big Sky, Montana.
Locke made his remarks at the Enhancing Competitiveness through Green Growth Forum. The meeting was organized by the APEC Small and Medium Enterprises Working Group. A video of his remarks will be available on the APEC website.
Locke said that over the next few decades, world economies will need to rebuild and reinvent virtually every industrial activity – from power generation and transportation to manufacturing and construction – to succeed in an energy environment that looks drastically different than the one we've grown used to.
"The potential new business and new job creation in front of us is astounding," said Locke.

Locke characterized the issue with an example of one of the challenges facing the United States. In the United States, buildings consume 40 percent of energy and 73 percent of electricity. They are responsible for about 39 percent of carbon emissions – more than the transportation or industrial sectors.
But he also expressed optimism. "It's no surprise then that greening these buildings can create immense economic opportunity, with the overall green building market projected to reach as much as $140 billion worldwide by 2013."
"A big part of the answer lies with the small and medium-sized enterprises," he continued. "This is why APEC member economies need to put the empowerment of small businesses at the very center of our economic agendas."
"I don't think there's any question that APEC member economies greatly value the power of thriving small businesses -- especially when it comes to spurring clean growth.
But small companies continue to face hurdles in the APEC region. The International Trade Commission and the Organization for Economic Cooperation and Development identified excessive transportation costs and customs clearance delays; difficulty protecting intellectual property and preferential tariff rates; and lack of access to financing and information as the main culprits to growth.
Locke urged APEC member economies to pursue policies that unleash innovation and enable entrepreneurs.

"The job of APEC policymakers is to help create an environment that supports the risk-taking and innovation that will be so important to promoting clean growth in the years to come," said Locke.

He also said that policies need to be developed to give entrepreneurs the tools to succeed no matter where they live.

APEC Senior Officials from APEC's 21 member economies concluded their meeting today. APEC Trade Ministers and Small and Medium Enterprise Ministers are to convene from May 19-21 here and will focus on APEC's 2011 agenda to further advance free and open trade in the region.

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For more information, contact: Augustine Kwan +65 9831 0717 at ak@apec.org or Michael Chapnick +1 (202) 664 6245 at mc@apec.org
Details about APEC meetings, events, projects and publications can be found at www.apec.org or www.apec2011.gov. You can also follow APEC on Twitter and join us on Facebook.

 

APEC, World Bank sign agreement to boost food safety

Issued by the APEC Sub-Committee on Standards and Conformance's Food Safety Cooperation Forum

 

Big Sky, Montana, 18 May 2011 – APEC and the World Bank today signed a memorandum of understanding to strengthen collaboration on food safety in the Asia-Pacific region, which accounts for over 40 percent of the world's population and nearly half of global food production.

 The APEC Sub-Committee on Standards and Conformance's Food Safety Cooperation Forum and the World Bank will work together closely on training programs to improve food safety standards and practices in the region, as well as to facilitate trade.

 The programs will enable more growers, producers and food safety officials to understand and utilise preventative controls – resulting in safer food for consumers and fewer safety incidents in food trade.

 "Food trade is increasingly becoming a global issue with complex and inter-related supply chains, which raises the need to address the question of food safety," said APEC Secretariat Executive Director, Ambassador Muhamad Noor.

 Ambassador Noor added that global and regional cooperation on building the capacity of regulatory systems is key to reducing food incidents and boosting trust in trade. This enhances domestic commerce and export markets.

 "More widespread movement of food and livestock around the world requires vigilance on food safety and disease risk," said Inger Andersen, World Bank Vice President for Sustainable Development. "More exacting standards pose challenges to poor farmers competing in these growing markets."
Signing the MOU with APEC today, Andersen said, "Food safety is an increasingly significant part of the World Bank's lending and technical assistance programs in East Asia and the Pacific, as well as in other regions. We are extremely pleased to be working with APEC to bring more attention to this critical issue. This new agreement will strengthen our joint efforts to mobilize resources and promote and support capacity building to better ensure food safety concerns," she said.

 Ms Andersen and the co-chairs of the APEC Food Safety Cooperation Forum, Steve McCutcheon from Australia and Lin Wei from China, signed the MOU in the margins of a series of APEC meetings currently underway in Big Sky, Montana.

 "The MOU opens the way for an upscaling of food safety capacity building in the region," said McCutcheon and Lin in a joint statement.

 APEC Trade Ministers and Small and Medium Enterprise Ministers meet from May 19-21 in Big Sky, focusing on APEC's 2011 agenda to further advance free and open trade in the region.

 The APEC Food Safety Cooperation Forum was established to bring together food safety regulators to develop a food safety framework and strategy and to carry out capacity building programs in this important area.

 

The memorandum of understanding is part of APEC's agenda to strengthen food security in the diverse region, home to about one quarter of the world's undernourished people. The region also accounts for half of world grain production and includes major exporters and importers of agricultural products.

 

APEC held its first APEC Ministerial Meeting on Food Security last October in Niigata, Japan, and committed to focus on raising agricultural productivity, facilitating trade and investment and expanding markets.

 

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For more information, contact:  Augustine Kwan +65 9831 0717 at ak@apec.org or Michael Chapnick +1 (202) 664 6245 at mc@apec.org

 

Museums and memory

 Yesterday was International Museum Day and on hand to join in the celebrations, at the National Museum and Art Gallery in Waigani, NCD, were youngsters Warita Irima (from left), Emerald Hamanin, Ednaldo Sarere and Evangeline Sarere as members of the Bougainville bamboo band, The National reports.

Based on the theme "museums and memory", the gallery organised a number of activities with the main event being an exhibition featuring musical instruments from around the country. – Nationalpic by AURI EVA

Nautilus completes Bismarck drilling

NAUTILUS Minerals has completed its 2010-11 seafloor drilling programme, with the vessel, rem Etive, having been demobilised in Singapore on Monday, according to Marketwire news, The National reports.

During the drilling programme in the Bismarck Sea between New Ireland and New Britain , Nautilus completed a 99-hole diamond drilling project, for a total of 1,475m.

Drilling was focused within the area of the mining lease (ML154) recently granted to Nautilus by the national government through the Mineral Resources Authority, which contained the Solwara One deposit and the Solwara Five seafloor massive sulphide (SMS) discovery.

 A total of 71 holes was drilled in ML154, for 1,147m.

The remainder of the drilling was conducted in exploration lease 1,374, which hosts Nautilus' Solwara 12 SMS discovery.

Nautilus' chief executive officer Steve Rogers said the highlight of the campaign had been the identification of mineralisation at depth at Solwara 12 and the improved knowledge gained at Solwara-1.

"We have commenced data evaluation and analysis and it is expected that results will be reported before the end of this year," he said.

Nautilus commissioned Golder and Associates to generate an updated resource estimate.

Nautilus is the first company to commercially explore the ocean floor for poly-metallic seafloor massive sulphide deposits and is currently developing its first project at Solwara-1 in the territorial waters of PNG.

Nautilus is listed on the TSX and AIM stock exchanges, and has, among its largest shareholders, two of the world's leading international resource companies namely, Anglo-American (11.1%) and Teck Resources (6.8%) as well as Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia.

Metalloinvest owns 21.0% of the company's issued shares through Gazmetall Holding (Cyprus) Ltd.

'Government parked K5 billion in bills with banks’

By JEFFREY ELAPA

 

THE government has parked more than K5 billion in treasury bills with commercial banks which has cost the state dearly in steep banking fees, opposition spokesman of finance and economic matters and Lae MP, Bart Philemon told parliament yesterday, The National reports.

He revealed this in questions directed at acting Prime Minister Sam Abal.

Philemon wanted to know why the government had banked revenue earned from high commodity prices with commercial banks rather than with the central bank which offers far lower rates to manage the fund.

He suggested that this practice was in breach of the Public Finances Management Act as well as due processes.

He added that the commercial banks received 5%-6% interest for managing the treasury bills which the central bank has to pay the banks while the interest paid to government was a mere 1%-2%.

Philemon said the central bank might have paid as much as K4 million to the commercial banks for managing the treasury bills.

"This is the biggest scam played by the government," he said.

The former finance and treasury minister said treasury bills should be held with the central bank as the authorised agent for all treasury bills. He said it appeared this established process had been bypassed the responsible departments and their political heads.

Philemon said that it was a poor decision by the ministers and the government to abuse all due financial management processes.

Abal said judgment of the performance of the ministers is the responsibility of the prime minister and it is not something for the parliament to know.

"I will not go into the discussion on the performance of the ministers as it has nothing to do with parliament," he said.

He said that the decisions to park the treasury bills are government policy decisions and directives and it was not done for any personal interest, adding that the government has approved it through the policy guidelines.

From a land of milk and honey

Caption: Milk, eggs, cream and yoghurt produced by EBC Farm at 6-Mile, Lae.-Picture by MALUM NALU

 

By MALUM NALU

 

Not many people may know that a farm just outside Lae has for years been supplying the city with fresh dairy products such as milk, cheese, butter and yoghurt.

It proves that Lae, and Papua New Guinea for that matter, is truly a land of milk and honey, as visitors to the recent NARI Agricultural Innovations Show found out.

Apart from these, the Evangelical Brotherhood Church (EBC) Farm at 6-Mile along the Highlands Highway also supplies fresh eggs, chicken, cattle, pigs and other livestock to residents of Lae.

The EBC was founded in 1974 in cooperation with the Swiss Evangelical Brotherhood Mission and one of its main activities to help spread the Word of God is through teaching young people about farming, which it does successfully at 6-Mile.

"We sell our dairy products on the farm at 6-Mile as well as supermarkets and hotels," says sales representative Charles Mark.

"We supply Melanesian Hotel, Lae International Hotel, Huon Gulf Motel, Yacht Club, bakeries, Papindo 8/6, Papindo Eriku, Pelgens, Andersons Foodland, Food Mart and others.

"At the farm, we have chicken, cows and pigs.

"We also have fish."