Kainantu Stage 3 Expansion involves a new standalone 1.2 mtpa process plant and supporting infrastructure constructed with mining focused on the Kora Central Zone within the Kora Deposit and Judd Deposit.
On December 6, 2022, the Government of Papua New Guinea granted an extension of Mining Lease 150 for the Kainantu Gold Mine in Papua New Guinea for a period of 10 years to June 13, 2034. In conjunction with this announcement, the board of directors of the Company approved the Stage 3 and Stage 4 expansions, which will increase the annual processing throughput to 1.2 mtpa and 1.7 mtpa, respectively.
On July 24, 2023, the Company announced the achievement of a significant de-risking milestone with the award of a $81 million lump sum fixed price contract for the design and construction of the 1.2 mtpa Stage 3 Expansion Process Plant. The commissioning of the 1.2 mtpa plant is targeted for Q1 2025, with the construction contractor's mobilization schedule for early 2024. |