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Xstrata’s exit of no wider concern, says mining head


THE EXECUTIVE DIRECTOR of Papua New Guinea’s Chamber of Mines and Petroleum (sponsors of the Crocodile Prize) says the departure of Swiss mining giant Xstrata from the Frieda River copper project is not an indication of wider concern among investors.

Mr Anderson says while it is disappointing that Xstrata plans to sell its 80% stake in the West Sepik project, its $200 million dollar investment has moved the project significantly up the pre-development scale.

He says it’s not the first time the project has changed hands and suggestions that PNG’s political situation is making investors jittery are untrue.

“As I say you’ve got to look at the record. The record is at the moment we’re got an enormous exploration sector going, and it’s at record levels.

“We’ve also brought on two major projects in mining in recent years and the other Nautilus project and we’ve got the LNG project. So it’s a pretty impressive record.”

Mr Anderson says everyone, not only those in mining, wants the elections to restore political stability.


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