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Friday, 2nd July 2004 (4767 views)

The management of Papua New Guinea's only gold refinery has been taken over by locally based shareholders, according to The National. <BR/><BR/>Metals Refining Operations (MRO) was originally under Australian management, but it is hoped the move will help improve the company's assets as well as providing local employment. <BR/><BR/>The refinery will now be managed by Minerals Refining Holdings, following the termination of an agreement with Australian Gold Refineries.<BR/><BR/>MRO managing director John Auna said: "It is our view that Papua New Guinea has not extracted the full benefits from our gold production over the years. We will change this by moving into downstream processing of gold and silver products for the industrial and jewellery sectors."<BR/><BR/>He added: "MRO is looking at upgrading our jewellery retailing business through the 'Gold Shop' brand." <BR/><BR/>The refinery had been producing around 500,000 ounces of refined gold per year for export, but this was recently scaled down to around 10,000 ounces.<img src="http://directnews.dehavilland.co.uk/dn.gif?feedid=196&itemid=2947461"/>

 

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