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Be the first with the news that moves the market- K92 (TSXV:KNT) maintains that production will not dip at its Papuan mine despite COVID-19 lockdowns
- Papua New Guinea announced a State of Emergency today, after diagnosing its first positive case of coronavirus
- The company has locked down its Kainantu mine as a contingency
- K92 Mining (TSXV:KNT) is up 5 per cent, and trading for $2.94 per share, with aC$582 million market cap
K92 Mining (TSXV:KNT) has kept work flowing at their Papua New Guinea mine, despite the country going into lockdown today.
Papua New Guinea’s government announced a State of Emergency today, after an inbound passenger tested positive for coronavirus on Friday. This is the country’s first case of COVID-19.
As of yet, no one else in the country has tested positive, but ongoing tests are being performed.
PNG has now banned all inbound foreign nationals from entering the country. The government has also restricted movement between provinces to essential services only.
The company has beefed up stock levels and consumables, stockpiling around four to six months’ worth. To date, there has been no impact on supply chains in the country.
K92 have committed to maintaining operations for as long as they can, b y cutting all non-essential spending and work, and all planned field explorations.
K92 have ceased all company travel and locked down its Kainantu site to all non-essential personnel.
Last week, the company initiated their management plan onsite. The plan addresses major issues such as occupational health, hygiene and safety, business continuity, travel, supply chains, statutory compliance, communications, testing, risk assessment and contingency planning.
K92 has delayed the planned expansion of the processing plant at the mine, but is forging ahead with its Preliminary Economic Assessment on the next stage of expansion.
K92 Mining (TSXV:KNT) is up 5 per cent, and is trading at $2.94 per share at 2:07pm EST.
