Ex CEO Brent once spent some time explaining to me how Stanley was going to provide the gas via pipeline to power the OK Tedi copper/gold mine in place od diesel generators. This would be cheaper for the mine, environmentally better and provide a nice little earner for Horizon. This had been agreed to he said, the only obstacle being that the pipeline had to be paid for. I was excited and bought a few more shares. The PNG Govt had agreed to build the gas pipeline but had not followed through. It seems that never did. Now due to unseasonable weather and low river levels arguable a portent for the future and a drier PNG, the OK Tedi has suffered a large production loss, down 50%, because the river levels are too low to get the diesel in to run the generators. The financial loss is of the order of US$ 140m a huge loss to the cash strapped PNG Govt that owns the mine. So could gas from Stanley be back on the agenda? Ditto for the Freida River project. Powered by hydro but will the water be there to produce the power? Brent once said that the huge Freida River project would use all the gas from Stanley and more. As we know Stanley is in arbitration. But could climate change shake things up?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)