Wednesday, October 20, 2010

Marengo proud of active ops in PNG

Marengo Mining is proud to be an international corporation with an active presence in Papua New Guinea, its chairman John Horan said in the company’s 2010 annual report.
“We are operating in a country which has a thriving mining and exploration industry and a pro-mining environment,” he said of the Western Australian company which is developing the Yandera copper-molybdenum-gold project in the Bundi region of Madang.
Horan said the company was committed to providing a safe and healthy working environment.
“It is also committed to maintaining the excellent relationships established with the communities at and around Yandera, with other communities and with government authorities.
“At all times we aim to continue to operate in accordance with world class environmental standards, both on the broad scale and in regard to the environmental well-being of the local communities.”
In the critical area of funding, an equity raising of A$21.7 million was completed in September last year in Canada and Australia.
This saw George Soros’ Quantum Partners LDC join the share register with 19.9% holding.
Marengo’s major shareholder, Sentient Global Fund, also contributed to maintain its 26.65% holding.
Another substantial capital raising, undertaken since the end of the financial year, saw a further A$21.4 million raised.
The company has the ongoing support of Sentient Global Fund and Quantum Partners LDC who have both maintained their percentage holdings, as well as additional support from North American institutional investors.
The funds raised are being directed to the completion of the DFS, and to providing general corporate and working capital.
Since early 2005, Marengo had focused all of its efforts on the Yandera project, Horan said.

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