Gas Week

EWN Publishing

2 million tonnes of copper, Yandera located in Madang province on north coast of PNG, Marengo planning to build 100km rail line to take Yandera’s production to coast near Madang

Posted by gasweek on 4 October, 2007

At Yandera, Marengo has a resource of over 2 million tonnes of copper, reported Andrew Trounson of The Australian (24/9/07, p. 33).

88,000t copper, 4200t molybdenum/year from 2011: Along with highly priced molybdenum resources, Yandera would yield a total resource of just over 3 million tonnes of copper equivalent. Marengo was aiming for first production of 88,000 tonnes of contained copper and 4200 tonnes of molybdenum a year, starting in 2011. Marengo has just completed a $15 million institutional share placement to fund the Yandera bankable feasibility study that should be finished by mid- 2009. The shares have been placed at 36c each, and Marengo has for the first time won the backing of some North American institutions.

Plans to operate to Aus standards: Yandera was located in Madang province on the north coast of PNG, not far from the Shaggy Ridge battleground where Australian troops in 1944 drove the Japanese from the hills. It was also just 20km from the $750 million Ramu nickel mine development where Chinese government-owned Metallurgical Group Corporation has put locals offside, with accusations it has treated its local workers like slaves. Emery said the allegations at Ramu haven’t hurt Marengo’s own relations with its workers and nearby communities, and that Marengo was committed to operating to Australian standards.

100km rail line to cost $US224m: Marengo was planning to build a 100km rail line to take Yandera’s production to the coast near Madang. It would cost $US224 million to construct, including locomotives and rolling stock. The railway would transport ore to the coast where it would be concentrated before loading on to ships.

The Australian, 24/9/2007, p. 33


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