One more setback for Mt KareSource:?The National - Thursday,...

One more setback for Mt Kare
Source:?
The National - Thursday, March 17, 2011
MT Kare landowners have declared the alluvial gold mine development a ?no-go zone? for developer Indochine and dealer Steven Promnitz.?
They have now called on Mining Minister John Pundari to invite a new developer that has the people at heart to develop the Mt Kare mine.
The landowners were incensed that they had waited 20 years for the developer to move in only to read reports in the Australian Financial Review that they had been taken for a ride.
Spokesman Joe Bronston told The National that Pundari had given the mining licence to Union Pacific and its subsidiary Summit Development.
He said the landowners were confused that Mt Kare had been used by developers to make financial deals in Australia while they were in the dark.
?We, landowners, are organised and expected the developer (United Pacific) to be here but it now shows that they are doing financial dealings in Australia to serve their own interest with nobody moving into Mt Kare.
?We are fed-up and tired. We have warned Pundari that we want a developer at Mt Kare.?
Bronston said the people had waited 20 years for the project to get off the ground but the reports in the Australian Financial Review had changed the people?s perception.
The AFR in a report ?Strange tales from the PNG Hills? stated that one Australia?s biggest gold miners, Kingsgate?s good name and its resources were used so heavily to help another of company get its hands on a A$2.6 billion gold resource in PNG.
It reported that Indochine paid A$4 million to buy control of the project, had seen its shares double in the past three weeks.
?What is even more intriguing is that the Kingsgate corporate development manager who worked on the Mt Kare deal for Kingsgate, Stephen Promnitz, is now the chief executive of Indochine.? AFR reported
It said that Promnitz was appointed CEO of Indochine last September shortly before Indochine raised A$20 million through a prospectus and listed on the Australian Securities Exchange.
There was no mention of the Mt Kare project in the Indochine prospectus.
Promnitz continued to work on the Mt Kare pro ject on behalf of Kingsgate after he was appointed CEO of Indochine, according to the newspaper.
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