PETROMIN NEWS

PETROMIN WILL REVIEW WASTE MANAGEMENT PROCESS AT TOLUKUMA GOLD MINE

Petromin, Papua New Guinea’s national oil, gas and minerals company has announced that it will review the waste management processes at its Tolukuma Gold Mine, about 100 miles out of Port Moresby, immediately after it officially takes over the mine on 21st February 2008.

Petromin recently acquired Tolukuma from Emperor Mine.

The Chairman of Petromin, Mr. Brown Bai said the Board has approved that the review be conducted immediately to enhance existing practices so that the safety of the downstream communities on the Angabanga River are protected.

Mr. Bai said the review is aimed at improving all environment management processes including;

· Environment Compliance Audit

· Proper and effective environmental monitoring system

· Enhance an acceptable level of waste management system

· Facilitate through the government an independent scientific study

“Data Room information obtained through the pre-acquisition Due Diligence did not reveal any inconsistent practices. However, as a new owner, Petromin has to be satisfied beyond any reasonable doubt, that existing waste management practices does not in any way endanger the lives of our people,” he said.

Mr. Bai said that management has commenced discussions with one of Australia ’s leading mining consultancy group; Australian Mining Consultants (AMC) who will provide mining environment experts to conduct an independent review and provide appropriate advice.

“Subject to their advice and that of the government sponsored independent scientific study, Petromin will take every measures possible to protect the environment and safety of the downstream communities,” Mr. Brown said.