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HIG - Star Mountains Update

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1 Impact

Negative

Highlands need PNG.

This is becoming interesting and I can't see anything positive until the following is settled.

  1. Professor Garnaut was forced to resign as Chairman of PNG’s biggest mining company OK Tedi.
  2. Professor Garnaut has had a travel ban imposed on him by PNG’s Prime Minister Peter O’Neill.
  3. Professor Garnaut is a director of Highlands Pacific.
  4. Professor Garnaut resigned from the position of chairman of PNGSDP.

What worries me is Mr. Garnauts last statement here in regard to the OK Tedi Chairman resignation:

Professor Garnaut said the Ok Tedi board must address three pressing issues: proposals to extend the life of the mine; a performance review of senior managers; and potential co-operation with mining giant Xstrata and Brisbane-based Highlands Pacific to develop nearby ore bodies.

If Highlands Pacific requires aid from OK Tedi and PNGSDF to develop the above then he may also have to resign from $HIG .

This will happen sooner rather than later for $HIG & Star Mountain to proceed.

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