WORK on the Kainantu gold mine in Eastern Highlands is progressing smoothly and Highlands Pacific remains confident construction will be completed on schedule late this year, industry sources said. Commercial production of 100,000 to 120,000 ounces annually is expected to commence in the first quarter of next year. Government officials said there are no compliance issues that will hold up progress at the mine despite claims to the contrary by the executive director of the Bilimoia Landowner Association, Bernard Kelonti. They said some 120 people from villages near the proposed underground gold mine were actively involved in construction work and many were themselves landowners. A report of threats by Mr Kelonti in The National yesterday caused Highlands Pacific share prices to plummet from A46 cents to a low of A40.5 cents but the price eventually recovered to close at A43.5 cents, down A2.5 cents. A total of 5.9 million shares changed hands during the day.
HIG Price at posting:
0.0¢ Sentiment: Hold Disclosure: Not Held
