A Southern Highlands landowner company is one of six companies who are major shareholders of Lole Mining Limited – the PNG company bidding for 100 percent ownership of the multi-billion Tolukuma Gold Mine in the Goilala district of Central province.
The PNG Bulletin conducted a company search of Lole Mining Limited this week as a follow on to our story last week relating to queries raised on the ownership of the company by a Goilala woman leader and environmental activist, Matilda Koma. She asked who owned Lole Mining Limited and whether it had the expertise and capacity to operate the underground Tolukuma Gold Mine.
The Google search revealed 10 directors and shareholders. The first is Howard Lole a Director of Kundu Capital Limited.
According to his profile on Linked In , Mr Lole is a mining engineer by profession and holds a Masters Degree in Engineering Science with Specialisation in the Mining Industry Management from the University of New South Wales, Sydney. He is currently undertaking Master of Business Administration from Torren University, Adelaide. He holds a PNG Mine Manager’s certificate.
Mr Lole also held previous positions including the PNG Chief Inspector of Mines, Manager for the Small Mining Branch with the PNG government before joining the Mining Industry as Manager Compliance /Community Relations and Mine development consultant with Simberi Gold Company Ltd respectively. He also provided leadership for the PNG LNG Project as landowner leader during project agreement negotiation and business development during the construction stages.
Mr Lole also provided consultancy services to Trans Wonderland Limited, Kumul Petroleum Limited, Simberi Gold Company Limited. He served as Manager External Affairs and Sustainable Development manager with K92 Mining Limited.
Currently Mr Lole is engaged as Mining Advisor with the Morobe Provincial Government . Mr Lole is also on the board of TWL (Trans Wonder Land) operating in PNG and Australia respectively.
He has vast mining experience and has championed community initiatives setting up village and clan-based companies which were then affiliated as foundation shareholders of the formation of multi million companies within PNG which includes the Hides Gas Development Company Limited, Trans Wonderland Limited in OPNG and Kontiki Finance Limited which started in 2015 got listed on the SPSE as a public company in 2018.
The other shareholders are a; Allen John Tyson as Trustee for the Tyson Family Trusts, Andrew John Achibald, Craig Anthony Dawson as Trustee of the Dawson Family Trust, James Wills as Trustee for the JV family trusts, John Anderson, a PNG Southern Highlands landowner come millionaire businessman Larry Anderson Andagali, Paul Steven Smith and Vemon Allan Wills of the Wills Family Trust.
Six Companies are shareholders of Lole Mining Limited. They are Ando One Pty Ltd as Trustee of the Ando family trusts, Australian Incorporated Company Account 112961663, Gusaba Company Limited, Jugu Development Corporation, LLA Investment Ltd, Promaco Consulting Services Limited C94852 incorporated in Malta, Stanburg Pty Limited- an Australian Company Acc 010829026.
The people of Golala need TGM in a bigger way than any other Papua New Guinean, which must be respected, by all citizens. This may be one factor that can bring hope to the thousands of Goilala youths spread across the city of Port Moresby in search of a future.
That is what we thought it would do for us but it never happened. More than 20 years of operation without anything under foreign operations. How is PNG going to make it better??
PNG Mining Act does not allow the Landowners to have direct benefit sharing from the “exploration data” to “product extraction”. They are given a “royalty payment”, after sales, which is a drop in the bucket. Unless an exploration data sharing and the product extraction benefit sharing policies are in place, All Landowners where the extractive industries are developed, there will never be any true Landowners’ benefits. PNG Mining Act and it’s policies need to be changed.
Comments are closed.