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Gold/Mining/Energy : Madison Enterprise, MNP/VSE
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To: russwinter who wrote (265)4/28/2001 6:15:10 PM
From: baystock  Read Replies (1) of 285
 
<The 35% interest held by their partners was purchased a year ago. The government had an opportunity to buy an interest but passed, but granted to do business there they may have to offer a little third world mullah again, but not 35%.>

Last year Madison purchased the 25% interest owned by their partner Carpenter. But Elizabeth is correct about the PNG government being able to acquire a stake in Mt. Kare at cost. The exact wording is:

"The PNG Government has a policy of reserving its right to acquire at cost up to a 30% participating interest in any major mineral development in PNG"

They have not passed up on this yet. They have the right to wait until the project is ready to be developed before they have to decide if they want in or not.
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