The Board of Petromin Holdings Limited (Petromin) is seriously considering steps to close Tolukuma gold mine (TGM) in Goilala district.

This announcement has come following the board meeting last Friday to decide the future of Tolukuma.

Petromin board chairman Sir Brown Bai said in a statement that the decision is being considered as attempts to bring in a credible partner has not been successful.

“High operating costs and continuous subdued gold price has been a challenge for TGM and Petromin to continue with the operation and sustain the cash support required on an on going basis.

“Petromin has been losing money funding TGM for the last four years and with falling gold prices, Petromin can no longer sustain TGM,” Sir Bai said.

He says the management has been advised to consult with appropriate regulators and stakeholders before a final decision is taken.

“The Board is aware of regulatory issues that Petromin has to comply with and as a Papua New Guinean company owned by the State, we wish to be responsible in terms of meeting various compliance requirements.

“The process of consultation will commence with relevant stakeholders,” he said.

He also adds that other companies within the industry have also been affected by the price cycle and have

2 thoughts on “PETROMIN TO SHUT TOLUKUMA MINE – Post Courier

  1. In 2011, Dietrich Wangke, GM at that time, told me: “this mine does not have any future if we have to bring everything, especially tens of tonnes of diesel a day by choppers. If we have diesel by road we make open cuts and hopefully with better price of gold we can make it work”. So, wake up, no road – no mine. Let everybody go home and start to make gardens, especially landowners. The true gold of Goilala is not gold from Tolukuma. Why people in Mosby have to pay 15 kina per 1 kg of mandarines from Australia, while we can grow them, harvest twice a year, and sell them to Mosby people for 5 kina per 1 kg? What about Goilala pineapples out of Sogeri/Rigo season? What about Goilala bananas at the price beating the rest and the taste knockouting the rest in Mosby. Don’t tell me that it is impossible. I am just doing it right now… Forget gold mine without road. That is impossible. I am sorry for all those people living in a dream…. Time to wake up. Nobody cares about some troubled mine in the middle of jungle that drains account of Petromin Holdings…


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