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Chinese EPC Bid for Papua New Guinea Mine Within Target
Yarenga project could yield 30 million tons of metals per year
China’s Foreign Engineering and Construction has submitted a bid for US$1.42 billion to develop Marengo Mining’s Yandera project in Papua New Guinea.
Yandera is located 95 kilometers southwest of the northern seaport of Madang and would yield copper, molybdenum and gold. The feasibility study for Yandera is scheduled to be completed in March, but the preliminary report suggested that the mine be designed to produce 30 million tons of metals per year, an increase from original estimates.
Still, capital expenditure numbers remained below the company’s prior target, between US$1.7-billion and US$1.85-billion.
The engineering, construction and procurement bid includes processing facilities, crushing and grinding facilities, mine infrastructure, administration facilities, an access road, a concentrate pipeline, a filter plant, a port site development, a shiploader and the construction of a tailings dam, Marengo Mining said in a statement.
Other infrastructure, including the mining fleet, pre-stripping and power transmission lines, subject to the completion of the study, was estimated to be between US$300-million and US$400-million.