Frieda River Limited (FRL) is celebrating 50 years of Independence this week. FRL congratulates and offers best wishes the People and Government of Papua New Guinea on this significant milestone.
FRL looks forward to continuing work with communities, stakeholders and the government to develop the nation-building Sepik Development Project (SDP).
FRL is awaiting Environmental Permits and is preparing for the Special Mining Lease process to develop the world-renowned Horse-Ivaal-Trukai-Ekwai-Koki porphyry copper-gold deposit that contains an estimated 12 million tonnes of copper and 19 million ounces of gold.
“The copper-gold deposit at the centre of the Sepik Development Project was discovered before Independence. Frieda River can be a nation-building project, delivering sustainable development for generations,” Phil McCormack, FRL’s Project Director, said.
As the Frieda River staff enjoy the public holiday to mark the day, PanAust’s Brisbane office prepares for a lunch to celebrate Independence on Thursday 18 September. The lunch will be catered by Brisbane-based, Papua New Guinean owned company, Lambinades.
“I consider PNG a second home and am looking forward to continuing to celebrate the 50th anniversary of Independence alongside my colleagues and friends,” Phil continued.
The SDP will deliver benefits on a local and nation-wide scale, with direct and indirect benefits expected to be significant and widespread. Since 2014, PanAust’s investment in the project has exceeded US$290 million, contributing to social causes, including education, healthcare and community infrastructure, as well as project development.
At the height of employment of the Frieda River Copper-Gold Project and Frieda-River Hydroelectric Project, an estimated 5,000+ full time roles will target 90% local employment – a percentage that has been exceeded and maintained in PanAust’s Laos entity Phu Bia Mining for the life of mines.
The SDP will provide indirect benefits like unlocking business opportunities and investment in social assets by project proponents.
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