Marengo’s PNG Copper-Moly-Gold Project Stalls on Power Supply Issues

Marengo Mining Ltd. (TSX:MRN,ASX:MMC) provided an update on its Papua New Guinea-based Yandera copper-molybdenum-gold project, commenting that before a final feasibility study can be prepared, the company needs to identify an alternative cost-competitive source of power for the project. That’s because Marengo’s preferred third-party power provider has backed out of the proposed arrangements for power supply.

As quoted in the press release:

Marengo has already commenced high-level discussions with the PNG government regarding other potential power supply options for the Yandera Project. Power is a major issue currently confronting a number of PNG mining companies seeking to develop major new resource projects in-country.

Marengo will continue to work closely with the PNG government to resolve the power issue and also to explore other strategic options for Yandera’s development.

The Company’s Chinese partner, the major engineering, construction and mining company, China Nonferrous Metal Industry’s Foreign Engineering and Construction Co Ltd (NFC), has also reiterated its support for the Project and will be closely involved in working with Marengo and Sentient during the next phase of technical optimisation.

Click here to read the full Marengo Mining Ltd. (TSX:MRN,ASX:MMC) press release.