Hannans Mines Mal's Papuan Links

The Age

Thursday June 14, 2007

Mario Xuereb

MINING company Hannans Reward is banking on AFL footballer Mal Michael's Papuan roots and contacts to identify resource projects in Papua New Guinea.

The triple premiership player and Essendon defender will use his high profile in PNG to link local landowners sitting on potential mineral, oil and agricultural projects to the West Australian company.

Hannans, which is exploring for nickel and gold across five sites in WA, hopes Papuan-born Michael's contacts in the resource-rich region will enable it to expand beyond Australia.

Under the deal, Hannans will have first rights to projects sourced by Michael's company, JLM, as joint ventures between the two parties.

JLM will receive 250,000 shares in Hannans as part of the deal, subject to shareholder approval.

"Over time, landowners have approached us to help them source foreign investment to develop their projects," Michael said in a statement to the stock exchange.

"One of our aims is to ensure positive outcomes for the traditional owners . . . this can be achieved because we have a good understanding of the relationship between the people and their land."

The former Brisbane Lions full-back left the club last year to focus on his PNG business. He joined Essendon when it agreed to give him time off to pursue his non-football work.

Hannans managing director Damian Hicks said Michael had identified one project that both companies were interested in developing. Because of the cultural barrier, PNG is not a place where Hannans would go by itself, Mr Hicks said.

"Going into an area with vast resources was very difficult from a cultural and geographic perspective, so going in with Mal

LINK

? www.hannansreward.com

© 2007 The Age

Back to News Index | Back to Home