The Canadian mining company Aldridge Minerals has announced that it plans to exit Papua New Guinea.
Mining.com reports that the announcement comes after Aldridge's licence renewal application for its non-core Kili Teke property in Western Highlands was denied by PNG's Registrar of Tenements.
Aldridge has had a limited presence in PNG since announcing the results of its first drill campaign at Kili Teke, which was completed in 2011 and affected by technical problems and poor drilling conditions.
The President and CEO of Aldridge, Mario Calon, says the license renewal rejection supports the company's position that PNG is too volatile to continue operating in.
Aldridge had been seeking partners to realise the maximum value from its investments in Kili Teke.
No discussions with potential partners progressed beyond a preliminary stage.