Siburan Resources enters JV to acquire PNG mining assets

23 November 2011 (Last Updated November 23rd, 2011 18:30)

Australian gold and uranium exploration company Siburan Resources (SBU) has entered into a joint venture (JV) agreement with RH Resources to acquire mineral exploration and mining tenements in Papua New Guinea (PNG).

Australian gold and uranium exploration company Siburan Resources (SBU) has entered into a joint venture (JV) agreement with RH Resources to acquire mineral exploration and mining tenements in Papua New Guinea (PNG).

Under the terms of the agreement, SBU will hold a 30% share of the JV and RH will hold the remaining shares.

The JV will receive funding on a pro-rata basis in proportion to the respective interests.

SBU will have an active management role in the sourcing and management of the exploration projects in PNG.

Siburan Resources' managing director Noel Ong said that PNG has several world-class operating mines including Porgera, Mt Kare, Hidden Valley and Wafi deposits.