Marengo Mining Ltd is preparing for the production phase of the large copper-gold-molybdenum deposit at Yandera, according to outgoing board chairman John Horan.
Speaking at the company’s annual meet last week, Horan said the company had come a long way after being incorporated in 2002.
“Together with the proposed re-domicile to Canada, the company is now at a pivotal stage of its growth, as it prepares to set itself for the production phase of the large copper-gold-molybdenum deposit at Yandera.”
Horan said the challenges Marengo faces in this next phase are not inconsiderable because the company’s performance provides grounds for reasonable optimism for a successful and rewarding outcome.
“Marengo has so far been successful in its fundraising, initially to enable the company to get off the ground and then to move ahead putting together the pieces of the jigsaw to bring the picture to its present stage”.
Horan said much of the company’s capital was raised against the background of a difficult and uncertain economic climate.
“We have been fortunate to have secured the support of sound financial backers through our major shareholders, Sentient Global Resources Fund and Quantum Partners LDC (Soros), along with many other valued investors.
“We have been welcomed and supported by the government and have established constructive working relationships with the government and with relevant government departments.”
Horan said PNG’s support for Marengo was indicated in real terms in the investment and co-operation agreement that set up the framework for the government’s wholly owned subsidiary, Petromin PNG Holdings.
“Marengo is proud to be regarded by the PNG government and the local communities as a responsible and respectful corporate citizen, doing our best to make a worthwhile contribution to their people’s lives and prosperity”, Horan said.
MGO Price at posting:
15.0¢ Sentiment: LT Buy Disclosure: Not Held
