These comments by dh72 on FNT operating in an ethical manner are very true. At the same time Mickban has posted some comments which also are true.
For me it is vital that FNT succeed as I am not in a position to lose money, and this applies to most investors......none of us are benevolent societies ....that is not being mercenary, it is realism, nor does it mean we do not respect the efforts of FNT, it's staff , or it's associates.....we do. At the same time I respect other posters and their right to be read, but I am not required to blindly agree with their views, irrespective of merit.
Myself, I have been invested in FNT -off and on - mainly on, for probably as long or longer than most. I have lived within a short walk of three of it's projects or more, and I have communicated a number of times with PM; I have also been through the trials and tribulations, including Torque which was most certainly NOT divorced from PM and only under the father....it involved them all.
Despite the ups and downs I have maintained my faith in the organization and, through CRs and consolidations, still believe that, with sensible and prudent use of resources, the company can grow.
To do this there needs be no further departures from that which PM and FNT do best....explore,
manage (including the raising of cash and generation of JVs on good terms) their projects and their landowner relations, and gain and maintain sufficient monetary capacity/capability to be credible in the eyes of government, it's agencies, and the minister.
Remember, in PNG, no matter how well you do things, Murphy's law is always in the background.
Bear in mind the Kokoda project which years ago went very well indeed, but was still taken away by the machinations mainly of Kevin Rudd and the Trail guide agencies, and FNT lost out, through absolutely no fault of the company or of our (FNT's) PM......the PNG political PM of the time at fault? Yes. Of course.
One failing of FNT was the inappropriate foray into Solomons.....a blind man could see the pitfalls there....and one of the reasons (St Barbara) the operator got out, yet who now successfully manage the Simberi island project well, not far from Lihir.
Thus in PNG it's mainly a matter of balance. No good going on blaming the GST etc etc as some JV partners of FNT got out (eg Andewa/Newcrest) but retained Wafi Golpu....why....Golpu was a fantastic prospect....after much drilling Andewa still has potential, but as a layman only, I could not see why Newcrest ignored the Komsen area of Andewa.
Ok Tedi are said to have targeted wrongly, but they had their priority which was first copper, second copper and gold.
FNT seem to be looking bask at Isis, Tsai, but my info was that erosion had deleted much of the good ore there. Most results were up to 0.3% and less. That area is steep and rugged and access difficult at best, though routing in from Open Bay on the opposite side of the Island would be possible but costly, despite the logging roads.
Today's article on K92's Kainantu mine is educational, and cautionary.....the goings on there provide much insight into why high grade assay results (especially those from preliminary work, e.g. rock chip sampling, stream sediment samples, trenching, etc.) fail to excite in PNG compared to similar results from projects in Aust., because in PNG there is many a slip twixt the cup and the lip, as the saying goes.
On the plus side for FNT I like the comments from and awareness of the new Minister, who is from the Kainantu area himself, and could have rushed to take sides, but did not.
Govt To Investigate K92 Mine Stand-OffMichael Koma | Post Courier | August 28, 2017The government is to launch an investigation into the standoff that eventually resulted in the destruction of properties at the K92 mine site in Balimoia, Eastern Highlands, in a bid to resolve issues raised amicably.Disgruntled landowners went on a rampage last Thursday burning two trucks, a grader and standby generator, according to police.Several gas cylinders and fuel drums were also destroyed allegedly by landowners from Balimoia One, Two and Three villages.Police said the landowners, mostly youth, closed in entrance to the underground mine in the early hours of Thursday and took the law into their own hand.A workshop at the entrance of the mine was also destroyed.Police said the K92 Mining is still in the process of assessing the damages to determine the cost of the destruction.During the rampage the only road that links the developer’s gold processing plant at Kumian to the mine site on the foot of Mt Kora was blocked with tress by the irate landowners.Mining minister Johnson Tuke told the Post Courier that the destruction has already taken place and it’s now time for the concerned parties to come together to address the core issues that triggered the violent encounter.Mr Tuke said:“Extractive industries contributed immensely towards the national economy: the state must not be denied revenue in the face of such destruction.“One the other hand the landowners must not be denied spin benefits, especially royalty payments.“Its equally important that the developer must continue operation to contribute eloquently towards the country’s wealth and create employment opportunities.“In every such situation there is always a reason.“I will call the Mineral Resource Authority, the K92 mine management, Balimoia Interim Landowners Association and the Eastern Highlands Provincial Government to a roundtable discussion to find a way out of this chaotic situation.“We cannot solve a problem with violence.”Mr Tuke arranged for an audience with the landowners yesterday but they put him on notice which he termed as “uncalled for.”In light of Thursday’s incident, Mr Tuke had flown to Balimoia yesterday (today) and told the landowners to control their temper as he would be negotiating for an amicable solution.“As a local MP (Kainantu) I am aware of the situation and I am well-placed to discuss the subject,” he said.The minister said the Balimoia gold deposits was initially developed by Kainantu Highlands Ltd and transferred to Barrick Gold before K92 Mining took over.“Some of these issues arises during the two previous developers’ term and continued to exist until today.”The landowners were pressing for off-spin benefits in terms of royalty payments, contracts and employment opportunities, which they claimed were not properly accorded to them.The minister said the memorandum of agreement needs review.K92 Mining Limited says claims about it not honouring commitments (engaging landowners in its operations) were unfounded.K92 Mining’s management said it has built a formidable workforce of 500 with contractors on site including 300 employees alone from Balimoia and associated landowners.The developer added that the Balimoia Interim Landowners Association (BILA) has yet to determine whether it will use its business arm, Balimoia Development Corporation (BILDECO) or a new business entity to participate in business opportunities created by the developer and its suppliers.Meanwhile, police reinforcements from Ramu, Lae, Kainantu and Goroka were deployed into the area to protest the properties and equipment.The Balimoia area, in which the gold-rich Mt Kora stands, is sandwiched between Kainantu town in Eastern Highlands and Ramu Valley in Morobe Province. ramunickel | August 29, 2017 at 2:27 pm | Tags: Barrick Gold, Human rights, K92 To conclude, no one wants FNT to succeed more than I, but Balance is the key.Regards to all posters.[/table][/table][/table][/table][/table]
FNT Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
Govt To Investigate K92 Mine Stand-OffMichael Koma | Post Courier | August 28, 2017The government is to launch an investigation into the standoff that eventually resulted in the destruction of properties at the K92 mine site in Balimoia, Eastern Highlands, in a bid to resolve issues raised amicably.Disgruntled landowners went on a rampage last Thursday burning two trucks, a grader and standby generator, according to police.Several gas cylinders and fuel drums were also destroyed allegedly by landowners from Balimoia One, Two and Three villages.Police said the landowners, mostly youth, closed in entrance to the underground mine in the early hours of Thursday and took the law into their own hand.A workshop at the entrance of the mine was also destroyed.Police said the K92 Mining is still in the process of assessing the damages to determine the cost of the destruction.During the rampage the only road that links the developer’s gold processing plant at Kumian to the mine site on the foot of Mt Kora was blocked with tress by the irate landowners.Mining minister Johnson Tuke told the Post Courier that the destruction has already taken place and it’s now time for the concerned parties to come together to address the core issues that triggered the violent encounter.Mr Tuke said:“Extractive industries contributed immensely towards the national economy: the state must not be denied revenue in the face of such destruction.“One the other hand the landowners must not be denied spin benefits, especially royalty payments.“Its equally important that the developer must continue operation to contribute eloquently towards the country’s wealth and create employment opportunities.“In every such situation there is always a reason.“I will call the Mineral Resource Authority, the K92 mine management, Balimoia Interim Landowners Association and the Eastern Highlands Provincial Government to a roundtable discussion to find a way out of this chaotic situation.“We cannot solve a problem with violence.”Mr Tuke arranged for an audience with the landowners yesterday but they put him on notice which he termed as “uncalled for.”In light of Thursday’s incident, Mr Tuke had flown to Balimoia yesterday (today) and told the landowners to control their temper as he would be negotiating for an amicable solution.“As a local MP (Kainantu) I am aware of the situation and I am well-placed to discuss the subject,” he said.The minister said the Balimoia gold deposits was initially developed by Kainantu Highlands Ltd and transferred to Barrick Gold before K92 Mining took over.“Some of these issues arises during the two previous developers’ term and continued to exist until today.”The landowners were pressing for off-spin benefits in terms of royalty payments, contracts and employment opportunities, which they claimed were not properly accorded to them.The minister said the memorandum of agreement needs review.K92 Mining Limited says claims about it not honouring commitments (engaging landowners in its operations) were unfounded.K92 Mining’s management said it has built a formidable workforce of 500 with contractors on site including 300 employees alone from Balimoia and associated landowners.The developer added that the Balimoia Interim Landowners Association (BILA) has yet to determine whether it will use its business arm, Balimoia Development Corporation (BILDECO) or a new business entity to participate in business opportunities created by the developer and its suppliers.Meanwhile, police reinforcements from Ramu, Lae, Kainantu and Goroka were deployed into the area to protest the properties and equipment.The Balimoia area, in which the gold-rich Mt Kora stands, is sandwiched between Kainantu town in Eastern Highlands and Ramu Valley in Morobe Province. ramunickel | August 29, 2017 at 2:27 pm | Tags: Barrick Gold, Human rights, K92 To conclude, no one wants FNT to succeed more than I, but Balance is the key.Regards to all posters.[/table][/table][/table][/table][/table]
