Anglo American walks from Star Mountain

HIGHLANDS Pacific is on the hunt for a new partner after mining giant Anglo American announced it will walk away from the Star Mountains joint venture in Papua New Guinea after spending three years and US$38 million on the project 20km north east of the Ok Tedi mine.

Anglo American walks from Star Mountain Anglo American walks from Star Mountain Anglo American walks from Star Mountain Anglo American walks from Star Mountain Anglo American walks from Star Mountain

Highlands now has 100% of the project, with managing director Craig Lennon saying Anglo American’s exit followed a review of its global exploration portfolio.

While Lennon will no doubt be disappointed to lose the deep pockets of Anglo American, he said its involvement over the past three years had greatly enhanced the understanding of the geology of the tenements and substantially increased the value of the project.

“We will now be free to introduce a new partner to continue exploration efforts,” he said. 

“Drilling to date has confirmed extensive mineralisation through the various prospects that have been tested to date, and we remain confident that further exploration will identify the source and structure of the mineralisation sufficiently to support a significa...