Jagan orders demolition of government building

first_imgAmaravati (AP): Andhra Pradesh Chief Minister Y S Jaganmohan Reddy on Monday ordered demolition of a government building on a riverbed here, constructed during the tenure of his predecessor N Chandrababu Naidu, saying it was built in “violation” of rules and “involved corruption”. The ‘Praja Vedika’ (grievance hall) was built by the AP Capital Region Development Authority on the Krishna riverbed near the residence of Naidu, the Telugu Desam Party President and the present Leader of the Opposition. Also Read – Cong may promise farm loan waiver in HaryanaThe order of Jagan effectively meant rejection of Naidu’s plea to him earlier this month that the hall, used for official meetings in the previous regime, be declared as ‘residence annex’ of the Leader of Opposition. The chief minister made the announcement in his inaugural speech at a two-day conference of district Collectors and Superintendents of Police that began Monday as the gathering of state ministers and top bureaucrats greeted it with applause.last_img read more

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Major blow to Frontier with PNG refusal on exploration lease

first_imgPeter McNeil Managing Director of Frontier Resources says the company “is disappointed to announce that EL 1348 (containing the Kodu copper-goldmolybdenum deposit) has been officially refused renewal by the Minister of Mining for Papua New Guinea. No reasons were given. Security of licence tenure is fundamental to mining/exploration stability and this decision is a major blow to PNG’s Sovereign Risk. The Company has made every conceivable compromise to ensure the best outcome for all stakeholders, including offering to relinquish ‘all’ the original Kokoda Track in the EL and 5% carried equity in the project to landowners, plus 2% to the ‘Kokoda Track Authority’. In addition, an independent Initial Environmental Assessment showed there is no danger at all to Port Moresby’s current or future water or power supplies and general environmental concerns can be effectively ‘managed’.“The EL 1348 landowners last week threatened to again close the Kokoda Track until the El is renewed. Landowners indicated this morning that they are still likely to continue with their plan to close the Kokoda Track in protest of the decision. Frontier thanks the various landowner groups of EL 1348 for the positive working relationship that has existed over the last 4.5 years and their support, understanding and commitment to the project and management wish them all the best in their endeavours.“Frontier will now move post- haste to initiate legal proceedings in the courts of Papua New Guinea to recoup sunk expenditure of approximately K8.5 million (~A$3.2 million), plus lost potential future profit, likely of the order of approximately K8 billion (~A$3 billion). Frontier confirms that it will honour its original ‘equity commitment’ to Kodu (and Elo) landowners and will give them 5% of any ‘lost potential future profit’ that may be awarded. Legal options against the Commonwealth of Australia will also be evaluated, including the possibility of a class action lawsuit by shareholders.last_img read more

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