Coppermoly Limited
(ASX:COY) Managing Director, Peter Swiridiuk, spoke at the Vertical Events Brisbane Copper Conference in March:
“Basically, in a nutshell, Coppermoly, we are explorers, and hopefully developers of major copper and gold systems in PNG [Papua New Guinea] and more recently in Australia. A snap shot of where we sit compared to where we sit compared to some pier companies in some similar locations and sizes, as the ones we are developing basically show that we are quite well undervalued and we are working quite carefully with our joint venture partner Barrick to see ways we can develop these projects further and improve that value of the share price.
Board and Management, the team who have brought these projects into the state they are at. Quite a significant amount of experience, both in Papua New Guinea and around the world, and we can certainly find mineral deposits. We also still have an operations base in Kimbie on New Britain Island, so we can reactivate quite quickly. We have two drill rigs, heavy machinery, and we are just working, as I said, with Barrick, who have now farmed in to three of our projects on New Britain Island in Papua New Guinea. And, they have spent $20 million in drilling and have now earnt a 72 per cent stake. So, what the market wants to see is, OK, what’s the next step.
We are currently talking with them to say, are they wanting to take them through to feasibility, or can we do a deal with them, by where we can do more exploration work and raise more funds to take them to a stage? And then, perhaps Barrick can come back in. So, in the next two months it will be quite critical to see which way we go there.”
