Allied Gold Advised That PNG Laws Won't Impact Existing Projects

Existing minerals and energy projects in Papua New Guinea won't be affected by any proposed changes to the Pacific nation's rules on foreign-owned mining, Allied Gold Mining PLC (ALD.AU) said Wednesday.

"Allied Gold has been advised by the PNG Chamber of Mines that any potential changes to PNG's resources and minerals legislation would be in respect of new rather than existing projects," the company said in a statement.

It said it thought its position regarding licences and tenure was no different to other major producers operating in the country, including Newcrest Mining Ltd. (NCM.AU), Xstrata PLC (XTA.LN), Oil Search Ltd. (OSH.AU) and Chevron Corp. (CVX).

Papua New Guinea's government is looking at whether to return ownership of the country's resources to traditional landowners. Papua New Guinea is relatively densely populated and most of the land is owned by a complex network of clan and language groups.

-By David Fickling, Dow Jones Newswires; +61 2 8272 4689; david.fickling@dowjones.com

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