Mining
Monday, April 8th, 2024 2:33 pm EDT
Key Points
- Resumption of Underground Operations: K92 Mining Inc. is set to resume its underground operations within two days after receiving a letter from the Mineral Resources Authority (MRA) of Papua New Guinea vacating the Form 29 issued on March 13, 2024. This development follows a positive presentation by an independent safety auditor to the MRA, confirming the adequacy of the underground safety management plan and its compliance with ISO45001 criteria.
- Positive Safety Audit Findings: The independent safety audit concluded that K92’s underground safety management plan is robust, meeting international standards, and comparable to similar operations in Australia and Asia. The audit did not identify any substandard documents, processes, or systems, indicating the company’s strong commitment to safety and continuous improvement.
- Operational Impact and Guidance: While emphasizing safety as the company’s top priority, K92’s CEO, John Lewins, reiterated the company’s 2024 operational guidance despite the temporary suspension of underground operations since March 10, 2024. The suspension is expected to moderately impact production in the first and second quarters of the year. K92 Mining Inc. remains focused on achieving its production goals while maintaining a proactive approach to safety and operational excellence.
K92 MINING ANNOUNCES IMMINENT RESUMPTION OF UNDERGROUND OPERATIONS
K92 Mining Inc. has commenced preparations to resume underground operations within two days, following the receipt of a letter from the Mineral Resources Authority (MRA) of Papua New Guinea vacating the Form 29 that was issued on March 13, 2024 (see March 19, 2024, press release).
The receipt of the letter vacating Form 29 follows a presentation by an independent safety auditor to the MRA. Findings from the audit indicated that the underground safety management plan is good, conforms to criteria in ISO45001 and has been implemented. The safety auditor also did not find any substandard document, process or system, and noted that the underground safety management plan is comparable with other operations in Australia and Asia.
John Lewins, chief executive officer and director, stated: “Safety is, has, and always will be K92’s No. 1 priority, and I am pleased with the results of the independent safety audit, which are also a reflection of the significant investment and focus by the team on site, which has further intensified since mid-2023.
“While we are pleased with the positive safety audit findings, I want to emphasize that K92 is always pro-actively striving for better and will continue to relentlessly pursue its goal of zero harm.”
The company reiterates its 2024 operational guidance, and notes that the temporary suspension of underground operations since March 10, 2024, will have a moderate impact on Q1 and Q2 production.
About K92
K92 Mining Inc. is engaged in the production of gold, copper and silver at the Kainantu Gold Mine in the Eastern Highlands province of Papua New Guinea, as well as exploration and development of mineral deposits in the immediate vicinity of the mine. The Company declared commercial production from Kainantu in February 2018 and is in a strong financial position. A maiden resource estimate on the Blue Lake copper-gold porphyry project was completed in August 2022. K92 is operated by a team of mining company professionals with extensive international mine-building and operational experience.
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