BY STUART McKINNON

NICKEL MINER Mincor has sought to expand its reach and diversify its operations with a $30 million deal targeting gold and copper in PNG.

Under the terms of the deal with explorer Niuminco, Mincor will spend $15 million in exploration at the Edie Creek gold project to secure a 51% interest and a further $15 million to secure a 72% interest in three exploration licences.

Mincor may also subscribe for $5 million worth of shares as part of a $15 million capital raising by DSF International Holdings, which is buying out Niuminco.

DSF, which is in a trading suspension, will emerge as a new listed entity to be named Niuminco Group, following its recapitalisation and backdoor listing of Niuminco's assets.

Mincor managing director David Moore said the venture would offer the company some of the best prospects in PNG for world-class deposits.

He said Mincor had established a strong rapport with Niuminco/DSF and believed that their extensive experience in PNG would be of great value to the joint venture in the years to come.

Source: The West Australian