The renewal of EL 1335 will enable the company to start work on a definitive feasibility study for advancing the Yandera copper project towards a final investment decision
PNG renews licence of Freeport Resources for the Yandera copper project. (Credit: ivabalk from Pixabay)
Canadian mineral exploration company Freeport Resources has secured approval for the renewal of its licence for the Yandera copper project located in Papua New Guinea (PNG).
The renewal of the exploration licence (EL) 1335 was granted by Papua New Guinea’s Mining Resource Authority in line with the regulatory processes prescribed by the country’s mining act.
It will enable the company to start work on a definitive feasibility study (DFS) for advancing the Yandera copper project towards a final investment decision.
Alongside the DFS programme, Freeport Resources will expedite ongoing talks with international strategic investors and prospective partners for the development of the Yandera project.
EL 1335 covers the 245.5km tenement comprising the Yandera project.
Located in the PNG Orogenic Belt, the Yandera copper project is expected to span five provinces and create wealth for generations.
According to Freeport Resources, over $200m has been invested in exploration and development on the licence since 2005.
The work completed and studies funded so far include about 154,600m of exploration drilling, scoping studies, engineering studies, environmental studies, a pre-feasibility study, and studies related to the infrastructure.
Freeport Resources operations senior vice-president Nathan Chutas said: “The renewal Yandera Copper Project’s Exploration License demonstrates the commitment of the Government of PNG to build strong, working relationships with mineral exploration and development companies such as Freeport Resources, to drive economic growth through the responsible development of Papua New Guinea’s vast natural resources.
“This is a major milestone for the Company. More than USD $200 million has been expended on the project since 2005, culminating in a comprehensive 2017 Pre-Feasibility Study delineating one of the world’s largest undeveloped copper resources.”