LNR - Lanthanein Resources

[payshense]

"If" the mine does not go ahead sometime in the future, would Frontier be in a position to claim compensation? And if so, could the possible cost of this be enough to persuade the PNG government to rethink their current position?

As the market opens this morning, i am wondering why i didnt sell on friday

 

[Nyden]

Down 40% so far, ouch for you guys

I don't think the government would be under any obligation to pay compensation here; mines aren't always granted licences, & spec stocks are speculative / valued at such low prices for a reason. They don't always pull through.

Perhaps the PNG government feel that a solid friendship with Australia is more important?

 

[shaunm]

I wonder if this puts a new light on any potential mines in PNG?
Will they be veto'd because of the climate change considerations?
Anyway I am out.
Went from a 30% profit to 30% loss; well I guess thems the breaks?

 

[sos]

Landowners agree to reopen Kokoda Track
By PNG correspondent Steve Marshall

Posted Mon Mar 10, 2008 6:22pm AEDT
Updated Mon Mar 10, 2008 8:28pm AEDT


Protest: Upset Kokoda track landowners closed the track last month in support of a proposed copper mine (file photo) (ABC TV)

Video: Landowners reopen Kokoda Track (ABC News) Audio: Kokoda Track to be reopened (PM) Kokoda Track landowners have agreed to reopen the war time trail to tourists after being given an ultimatum by the Papua New Guinea Government.

Upset Kokoda track landowners closed the track last month in support of a proposed copper mine that would give them a better life.

However spokesman Barney Jack says the landowners were given no choice by the PNG Government after it told them that no mining would be taking place.

"We are left with no other option because the Government said there would be no mining, because of the environmental issues they keep telling us about," he said.

The landowners are seeking a compensation package worth over $100 million.

 

[Nyden]

The landowners are seeking a compensation package worth over $100 million.

Yes, the landowners will most likely get compensated. However, FNT will probably get nothing ... I really did believe this would go ahead, I just didn't have the stomach for it!

 

[sos]

I thought it would go ahead as well and hence my earlier post. I was tempted to buy big last Thursday but thought will wait for the outcome of K Rudd's visit to PNG.

Landholders will get compensated under carbon credit scheme deal signed between the AU & PNG govts.

 

[stargazer]

From SMH 10/03/2008
Earlier this week during a trip to PNG, Australian Prime Minister Kevin Rudd said a compromise that would satisfy all parties should be finalised at ministerial meetings next month in Madang, in PNG's north-east.

All is not lost just yet.

Cheers
U

 

[Firdy]

Yeah this is too risky for me. Sold at a loss. I doubt they'll produce anything for a long time, and I have seen the wallowing share prices of too many other companies more advanced than this, with huge resource, but no production in the short or medium term.

I am sticking to Australian based operations with imminent production. I think positive cash flows will be everything.
I am on to one or two of these kinds of companies, and I gonna stay up all night trying to find more to do a comparative evaluation.

 

[nioka]

Yeah this is too risky for me. Sold at a loss. I doubt they'll produce anything for a long time, and I have seen the wallowing share prices of too many other companies more advanced than this, with huge resource, but no production in the short or medium term..

FNT is not a dead horse yet. The latest report was a press release and the informant to the press may or may not have been speaking with any authority or knowledge. FNT is a risky spec and always has been. Until a licence is granted it will remain so. Politics in PNG is an ????? ( can't work how to describe it, so that in itself describes it.) Members of my family have a long association there and they say they would not be surprised at any thing that could happen. I haven't written it off yet.

 

[shaunm]

I think it's a bit ordinary that the company did not issue any announcement on the news until pushed by the ASX yesterday, with a reply after 6pm.

One would have thought with such interest in the project, the news on Monday evening of "no mining" would have stirred them to issue a statement the following morning for the benefit of shareholders.

They state they have had no correspondencefrom the mining minister and are still pursuing the renewal of the mining lease.
This would have been helpful for shareholders to know during the "fire-sale" that happened yesterday; hell I may have even held onto mine.

...or is this some crafty bugger spreading mis-information to spook holders and pick up stock at lower price; there was some serious buying yesterday.

 

[YELNATS]

..or is this some crafty bugger spreading mis-information to spook holders and pick up stock at lower price; there was some serious buying yesterday.

Could well be.

From my own experience with dealing directly with PNG industry interests a few years ago, it's an unpredictable business environment and one should treat any information advised with a grain of salt. Could be wise to await further developments in this case.

 

[payshense]

Just found this on "PNGIndustryNews.net", from today. Thought some of you might like to see it. I have not given up yet.

-------------------------------------------------------------------------

Compromise for Kodu on the cards
Wednesday, 12 March 2008

A PNG Mining Ministry source close to PNGIndustryNews.net has said the PNG Government is leaning towards a compromise solution to mining near the historic Kokoda Track.

The source said a decision should be made during the April Ministerial Forum between PNG and Australia, mirroring Australian Prime Minister Kevin Rudd's comments during his visit to PNG last week.

Rudd had said officials from both countries would hold further discussions on mining near the track, between now and the ministerial forum in April.

Shares in Frontier slumped 38% on the Australian stock exchange yesterday after Koiari local level government representative Willie Vavi told ABC Radio that PNG Prime Minister Sir Michael Somare had reportedly said there would be no mining along the track.

The reports also led the Koiari people – the traditional landowners of Frontier's Kodu deposit – to reopen Kokoda to tourists, ABC Online reported.

The landowners had closed the track last month in a bid to pressure the PNG Government into renewing Frontier's Exploration Licence 1348, which contains the Kodu deposit.

"We seen the media reports and we have received no confirmation of them from the PNG Government so we do not necessarily believe that … will be their final decision," Frontier managing director Peter McNeil told PNGIndustryNews.net.

"It was my understanding that a compromise position was available and what is said there is not a compromise to anybody.

“We are intending to move forward to try and pressure the Government to renew the EL."

He added there were some other things Frontier planned to approach the PNG Government with, such as removing the Kokoda Track section from the exploration licence, which he said would not be easy to do.

"We are moving forward with that and I will be writing to the minister to express my concern over these media reports and to present to him other possibilities in the way we can move forward."

The company added in a statement that reports that the PNG Minister for Mining had expressed concerns for the Port Moresby water supply in regard to any possible mining development were incorrect, as the Kodu deposit is in a separate water catchment area from the one servicing the PNG capital.

Frontier's plan to develop the Kodu deposit has been controversial as the proposed mine would affect a 600m section of the track. However, the company had claimed that this section is not part of its original route.

This led to an outcry from Australia, which is now seeking to put the track on the World Heritage list.

The decision is weighed against the potential benefits the Kodu landowners stand to gain from the 5% stake Frontier offered to them in any potential development at Kodu.

The landowners had in turn offered 1% to all other Kokoda Track landowners.

Frontier also allocated a further 2% to be administered by the Kokoda Track Authority to preserve, operate and improve the track, and for the creation of an education fund.

Shares in Frontier were down 0.2c this morning to 9.5c.

--------------------------------------------------------------------------

mods, i hope it is ok to post this, i'm still learning the ropes here.

 

[barrett]

At the press conference when Somare commented about 'world heritage listing' and 'water quality' and Rudd said something about 'all legitimate interests' my gut reaction was that they had struck a slimy backroom deal to quash the whole thing at our (taxpayers) expense... but like people have said above, in PNG, you never know. At the end of the day it's about the money, and surely the tax revenue from a mine would be far greater than any monetary amount Rudd could have promised. After all Grasberg is just over the side fence - admittedly bigger than Kodu but the owner Freeport MacMoRan is the Indonesian government's biggest single source of tax revenue on account of that one mine alone.

 

[lienad]

anyone have any further updates on this one, last statement seemed positive news????? has gone a bit quiet of late.

 

[mickqld]

anyone have any further updates on this one, last statement seemed positive news????? has gone a bit quiet of late.

See announcemeny out today:


ADDITIONAL HIGH GRADE GOLD DRILLED AT KOMSEM GOLD PROSPECT
ANDEWA PROJECT, PAPUA NEW GUINEA
Frontier Resources Ltd is pleased to announce that hole AFD010 targeted and confirmed the
continuity of higher gold grades at a moderate depth (approx. 85m vertically) in the main
mineralised structure with 3.0m of 10.97g/t gold at the Komsen Prospect, New Britain
Province, Papua New Guinea. Komsen is located about 400 km from the Kokoda Track.

Once approvals for Kodu are gained, surely the New Guineans wont be silly enough to knock back this project, then FNT should have a lot more SP support.

 

[nioka]

See announcemeny out today:


ADDITIONAL HIGH GRADE GOLD DRILLED AT KOMSEM GOLD PROSPECT
ANDEWA PROJECT, PAPUA NEW GUINEA
Frontier Resources Ltd is pleased to announce that hole AFD010 targeted and confirmed the
continuity of higher gold grades at a moderate depth (approx. 85m vertically) in the main
mineralised structure with 3.0m of 10.97g/t gold at the Komsen Prospect, New Britain
Province, Papua New Guinea. Komsen is located about 400 km from the Kokoda Track.

Once approvals for Kodu are gained, surely the New Guineans wont be silly enough to knock back this project, then FNT should have a lot more SP support.

I liked the announcement but how much better it would have been without the bit about 400 metres from the kokoda track.

 

[doogie_goes_off]

That's 400km! The news is good and if you can read it helps justify a SP based on not just one project, plenty of irons in the fire.

 

[nioka]

That's 400km! The news is good and if you can read it helps justify a SP based on not just one project, plenty of irons in the fire.

Oops read it in a hurry 400km that is a lot better. My wife keeps telling me I need reading glasses. Time I stopped trading these and hold on to some.

 

[mickqld]

Announcement out. Sounds a very reasonable compromise. F.F. Sake can we just get on with developing Kodu now PLEASE !!!





2nd April 2008



ASX Limited
Company Announcements Office
Announcement
FRONTIER PROPOSES TO RELINQUISH THE KOKODA TRACK FROM EL1348
WITHOUT SIGNIFICANTLY AFFECTING THE KODU DEPOSIT
Frontier Resources Ltd is pleased to announce that it has proposed a highly significant
compromise to the Hon Dr Puka Temu MP (Deputy Prime Minister and Minister for Mining in
Papua New Guinea) in relation to the ongoing renewal issue of EL 1348.
The Company has proposed to relinquish an additional approximately 15km of World War II
Kokoda Track that remains in the exploration license (which is all the Track within the license
area, except for a 250m section for future road access), when EL 1348 is renewed.
The original license area granted to Frontier in August 2004 included about 40km (or 40%) of
the Kokoda Track. The Company has already reduced this area in good faith and is again
willing to voluntary reduce the area to 250m (1/4 of 1 % of the Track). The proposed
relinquishment has been surveyed so there is no significant detriment to the possible
development of the Kodu Deposit, but it allows for a large and cohesive area to be established
as a ‘Kokoda Track Park’.
Tourism, exploration, mining and the advancement of our landowner partners can and should
exist in a symbiotic relationship, sharing the vast advantages of this area.
Frontier Resources aims to develop the Kodu copper- gold –molybdenum Deposit with our
landowner and stakeholder partners in a socially and environmentally responsible manner
utilising ‘world’s best practice’ for the benefit of all stakeholders.
See figure 1 showing EL 1348 before and after the proposed area reduction, figure 2 showing
a close up of the area proposed to be relinquished near the Kodu Deposit and figure 3 showing
the Brown River catchment and other affected ELs and ELAs.
For additional information relating to the Company and its projects please visit our website at
www.frontierresources.com.au or feel free contact me.
FRONTIER RESOURCES LTD
P.A.McNeil, M.Sc.
MANAGING DIRECTOR

 

[Rocket man]

Announcement out. Sounds a very reasonable compromise. F.F. Sake can we just get on with developing Kodu now PLEASE !!!





2nd April 2008



ASX Limited
Company Announcements Office
Announcement
FRONTIER PROPOSES TO RELINQUISH THE KOKODA TRACK FROM EL1348
WITHOUT SIGNIFICANTLY AFFECTING THE KODU DEPOSIT
Frontier Resources Ltd is pleased to announce that it has proposed a highly significant
compromise to the Hon Dr Puka Temu MP (Deputy Prime Minister and Minister for Mining in
Papua New Guinea) in relation to the ongoing renewal issue of EL 1348.
The Company has proposed to relinquish an additional approximately 15km of World War II
Kokoda Track that remains in the exploration license (which is all the Track within the license
area, except for a 250m section for future road access), when EL 1348 is renewed.
The original license area granted to Frontier in August 2004 included about 40km (or 40%) of
the Kokoda Track. The Company has already reduced this area in good faith and is again
willing to voluntary reduce the area to 250m (1/4 of 1 % of the Track). The proposed
relinquishment has been surveyed so there is no significant detriment to the possible
development of the Kodu Deposit, but it allows for a large and cohesive area to be established
as a ‘Kokoda Track Park’.
Tourism, exploration, mining and the advancement of our landowner partners can and should
exist in a symbiotic relationship, sharing the vast advantages of this area.
Frontier Resources aims to develop the Kodu copper- gold –molybdenum Deposit with our
landowner and stakeholder partners in a socially and environmentally responsible manner
utilising ‘world’s best practice’ for the benefit of all stakeholders.
See figure 1 showing EL 1348 before and after the proposed area reduction, figure 2 showing
a close up of the area proposed to be relinquished near the Kodu Deposit and figure 3 showing
the Brown River catchment and other affected ELs and ELAs.
For additional information relating to the Company and its projects please visit our website at
www.frontierresources.com.au or feel free contact me.
FRONTIER RESOURCES LTD
P.A.McNeil, M.Sc.
MANAGING DIRECTOR

lets hope this gets accepted, and we should find out next month, then share price should fly. I think it will be too tempting for the PNG people.. money talks ...