Geopacific Resources will have extra time to prepare for production at its Woodlark gold project, with the company receiving an extension to that part of its mining lease.
Mining Minister Rainbo Paito has approved an extension to Condition 7 of the relevant mining lease, pushing the deadline to complete construction and commissioning of the mine to 5 October 2027.
The total mining lease length, including windows for the production phase, remains unchanged and expires in July, 2034.
According to Geopacific’s interim financial report, released last week, the company is in continuing talks with PNG regulators to ensure a smooth path toward production.
Chief executive officer James Fox recently met with leaders of Kumul Minerals (the state nominee for the PNG government), and the company is continuing to work with the Conservational and Environmental Protection Authority to gain updated approvals for the project.
This will include an increased throughput rate of up to 3.5 million tonnes per annum that the company said will allow for flexibility when finalising the plant engineering work.
A CEPA compliance officer visited the site during the report period, and was shown the proposed project layout, including the planned mining areas, and locations of infrastructure. That conversation has helped to inform an Amendment to Environment Permit EP-L3, which has now been prepared.
“The company will continue to follow up and the lease remains in good standing,” the report noted on its regulatory compliance.
The Woodlark gold project, located in Milne Bay province, contains an estimated 1.67 million ounces of gold.
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