INITIAL construction work at the Kainantu gold project in Eastern Highlands province is on target with recruitment taking place seven days a week, Highlands Pacific manager corporate affairs Andrew Yauieb said last week. He said there are more than 100 workers on the ground working for Highlands Pacific, which is locally listed on the Port Moresby Stock Exchange as well as a developer and an exploration company. “Progress so far on the ground is very good and we are happy about it,” he said. Construction that started during the first quarter of this year would take about 15 months, and first production is expected in early 2005. It would produce about 115,000 ounces of gold annually and has been financed on the basis of a 41/2-year mine life. The project capital to bring Kainantu into full production is estimated to be US$39.6 million, which will be incurred across the 15-month construction period
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