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Freeport Announces License Renewal for Yandera Copper Project, One of the World's Largest Undeveloped Copper Projects
Papua New Guinea's Mining Resource Authority has approved the renewal of the Yandera Copper Proje...
About this update from Freeport Resources Inc.
[{"type":"text","content":"Freeport Announces License Renewal for Yandera Copper Project, One of the World's Largest Undeveloped Copper ProjectsPapua New Guinea's Mining Resource Authority has approved the renewal of the Yandera Copper Project's License EL 1335 through November 19, 2023. Freeport Resources is planning to commence work towards a Definitive Feasibility Study and accelerate discussions with potential strategic partners.Freeport continues its firm commitment to the landowners, the communities of Yandera and the people of Papua New Guinea.Demand for copper is undergoing an unprecedented structural change driven by the global energy transition, with mined copper supply forecast to enter a deficit as early as 2025. Proximity to Asia, the world's largest copper consumer, positions the Yandera Copper Project as an attractive potential long-term source of copper supply. Vancouver, British Columbia--(Newsfile Corp. - December 11, 2023) - Freeport Resources Inc. (TSXV: FRI) (OTCQB: FEERF) (FSE: 4XH) (\"Freeport Resources\" or the \"Company\") is pleased to announce Papua New Guinea's Minister for Mining, the Honorable Sir Ano Pala, has approved the renewal of the Yandera Copper Project's Exploration License 1335 (\"EL\") through November 19, 2023, in accordance with the regulatory processes prescribed by the Papua New Guinea (\"PNG\") Mining Act.\"We are pleased to have successfully completed the exploration license renewal process and would like to thank the Mining Advisory Council and the Government of PNG for their dedication in advancing large-scale resource projects such as Yandera Copper,\" commented Dr. Nathan Chutas, Senior Vice-President of Operations for Freeport Resources. \"The renewal Yandera Copper Project's Exploration License demonstrates the commitment of the Government of PNG to build strong, working relationships with mineral exploration and development companies such as Freeport Resources, to drive economic growth through the responsible development of Papua New Guinea's vast natural resources,\" said Dr. Chutas, who continued, \"This is a major milestone for the Company. More than USD $200 million has been expended on the project since 2005, culminating in a comprehensive 2017 Pre-Feasibility Study delineating one of the world's largest undeveloped copper resources. With the license renewal now in hand, we are anxious to commence...