Marengo Mining Ltd

About Marengo Mining Ltd

Marengo Mining Limited was a mineral exploration and development company primarily focused on its 100%-owned Yandera Copper-Molybdenum-Gold project in Papua New Guinea (PNG). Founded in 2003 by Les Emery, the company was initially listed on the Australian Securities Exchange (ASX) and later on the Port Moresby Stock Exchange (POMSoX) and the Toronto Stock Exchange (TSX). The Yandera project, located in the Madang Province, was considered one of the largest undeveloped copper-molybdenum-gold deposits in the Asia-Pacific region.

The company's history is marked by several strategic shifts and corporate restructurings. In 2013, to gain better access to global equity markets, particularly in North America, Marengo re-domiciled from Australia to Canada. This led to the creation of Marengo Mining Canada Limited as the parent company. Over the years, Marengo was delisted from the ASX in June 2015 and the POMSoX in October 2015, citing high compliance costs and a desire to focus resources on the Yandera project's development. In November 2015, Marengo Mining Limited changed its name to Era Resources Inc. The company's key asset, the Yandera project, eventually faced challenges related to falling copper prices and escalating costs, which questioned its economic viability. By 2017, the private equity firm Sentient Group had become a majority shareholder after a series of financing deals.

In August 2021, Freeport Resources acquired all outstanding share capital of Carpo Resources, the entity that controlled Era Resources and thus the Yandera Copper Project. As of early 2024, Freeport Resources is advancing the Yandera project, having secured a renewal of the exploration license through November 2025. The project is now moving towards a Definitive Feasibility Study, with over US$200 million in exploration and development expenditures invested since 2005.