PNG POST-COURIER | 1 October 2017
“According to the firm’s market report released last Tuesday, the Canadian miner stated it requires a significant and additional funding, in order to complete the build and deployment of the seafloor production system (SPT) to be utilised for the project.
“Based on the its current cash position and budget, the company needs to obtain new funding of approximately K131.2 million (US$41 million), before the end of 2017 and.
And in particular, at least approximately K48 million (US$15 million) is required before October 31, 2017 to meet the company’s contractual commitments in relation to certain of the equipment forming part of the seafloor production system.”
