PETALING JAYA: A Malaysian-owned company, Bestino Golden House (PNG) Pte Ltd (Bestino PNG), has become the first foreign operator of Papua New Guinea's only gold refinery, Metals Refining Operations Ltd (MRO).
Bestino PNG signed a management takeover agreement last Wednesday in Port Moresby with Melanesian Metals Corp, owner of the refinery. The agreement will see Bestino PNG manage the refinery for five years and pay a yearly lease with an annual increase of 15%.
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