01 Dec 2021
On the back of significant resource growth in the past four years, K92 Mining is already well through its expansion plans to build the next sustainable world-class gold mine in Papua New Guinea.
Chief Executive Officer, John Lewins, says all the expansion work the company has committed to, has been funded from the company’s own cashflow.
“We have increased our measured and indicated resource by over 450 percent, and our inferred by 120 percent over a three-year period,” he told delegates at the PNG Mining and Petroleum Conference and Exhibition, adding that the company would be updating its resource volumes in the coming weeks.
Since starting commercial production in 2018, K92 Mining has reached around 14 grams per tonne of gold.
The growth and success of the mine has been supported by an experienced team and a heavy focus on environmentally sustainable growth.
Best Global Discovery
· In 2021, K92 was awarded the Thayer Lindsley Award for the best global discovery of the year.
· Award presented to the MRA in recognition of PNG as a resource-rich country
Supporting local business
· 63% of all K92’s expenditure since establishment has been on goods and services from within the country.
· “We have been creating a number of long-term business opportunities for our landowner groups and joint ventures, and supporting the development of business within the community, including agriculture and empowering women.”
Growing PNG’s future
· Started contributing tax, two years after declaring commercial production.
· Strong focus on tertiary education, providing 50 tertiary education scholarships for local community.
Also developing PNG mineral resource industry with a variety of initiatives and one of the highest exploration activities currently in the country.
Focus on Environment
· Strong focus on protecting the environment.
· Small impact footprint because it is an underground mine.
· Participating in the 10m tree program.
Relentless COVID-19 Response
· Stringent control measures in place on site
· Vaccination program ramp up – over 55% of workforce at least one dose of vaccination
· K1.5 million Assistance Fund set up in April 2020
· K1 million additional assistance to EHP – October 2021
· First Oxygen plant delivered to Goroka Hospital – November 1