Niugini listing
Niugini Mining, Ltd, has been accepted for quotation on the New Zealand Stock Exchange. The company has a current market capitalisation of about sAustl2s million. Niugini Mining is involved with gold exploration and development in Papua New Guinea. In 1985, on Lihir Island, the company discovered one of the largest gold deposits in the world. Niugini has other exploration sites outside Lihir, and said further favourable gold discoveries could be expected over the next 12 months.
Niugini has aroused considerable interest from U.S. investors.
The company is negotiating to increase its equity interest in the Lihir project, financed by the placement of 15m shares to U.S. institutions. This will lead to ADR (American depository receipts) listing to enable trading of the stock in the U.S.
Niugini said its proven record of exploration success in Papua New Guinea seems likely to continue, with the company’s extensive exploration portfolio providing the chance of further significant gold discoveries.
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Bibliographic details
Press, 21 July 1986, Page 28
Word Count
157Niugini listing Press, 21 July 1986, Page 28
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