China’s $3.6 Billion PNG Copper Mine Faces 2-Year Approval Wait
- PanAust plan sees doubling of cost of Frieda River project
- Mining industry preparing for a forecast copper shortfall
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China-owned PanAust Ltd. estimates it may take as long as two years to win approvals for its expanded $3.6 billion copper project in Papua New Guinea as bigger rivals forecast a deficit of the metal by the decade’s end.
A revised development plan for the Frieda River project by state-owned Guangdong Rising Assets Management Co.’s Australian unit more than doubled an earlier cost estimate following a better understanding of the earthworks required, PanAust General Manager of Corporate Development Joe Walsh said Thursday in a phone interview. The new study also raised forecasts for copper output about 40 percent to 175,000 metric tons a year.