Marengo Mining, which operates the Yandera mine in Papua New Guinea’s Madang province, is keeping a close eye on China’s copper demand reports The National.
Chairman John Horan says China is an important market.
“Our immediate imperative is to develop the Yandera project to production stage so that Marengo can take advantage of market opportunities both in the near term, and for the long-term life of the project,” he told shareholders.
“I believe we have an extraordinarily capable board with directors from Australia, Canada, Papua New Guinea and Germany, who are fully committed to the development of what is one of the largest undeveloped copper porphyries in the Asia Pacific region.”
Over the past year Marengo Mining has forged a strategic alliance with a major Chinese engineering and construction group which will become the principal contractor for the construction of the Yandera project and facilitate financing of at least 70% of the project development costs with Chinese banks.