Crater Gold’s shares rise as it readies to restart PNG mine operations
PERTH (miningweekly.com) – The share price of ASX-listed Crater Gold Mining jumped by 20% on Thursday after the Papua New Guinea (PNG) government approved the restart of mining at the Crater Mountain site.
Crater was hoping to restart operations before the end of the month.
The company was ordered to cease mining activities in late December, pending the conclusion of a PNG Mines and Safety Inspectorate inquiry into the circumstances surrounding a November vehicle accident, which claimed the life of the driver.
Crater told shareholders on Thursday that a notice of relaxation of the cessation order had now been issued by the inspectorate, allowing the company to restart operations, pending a number of conditions, including the constant supervision of workers, the exclusive use of mechanised systems to load and transport material within the mine site, an adequate risk assessment and continued communication with the inspectorate.
The relaxation order was valid until the end of September and could be withdrawn at any time.
Crater told shareholders that the company had attended to all the issues raised by the inspectorate and, once an internal review had determined that all conditions of the relaxation order had been satisfied, production would restart.
The company had been hoping to produce some 100 000 oz of gold from the Crater Mountain project in 2015.
A Joint Ore Reserves Committee-compliant resource of 24-million tonnes, grading 1 g/t gold for 790 000 oz of contained gold had been defined at the main zone of the Crater Mountain project, which includes four prospects.
Crater shares were trading at a high of 12c a share on Thursday, up from a low of 10.5c a share.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















