MELBOURNE, Australia, Aug. 04, 2016 (GLOBE NEWSWIRE) -- Kibush Capital Corporation (OTC:DLCR) announced today that its subsidiary company Aqua Mining (PNG) Ltd has lodged an application with the Timber Authority (TA) of Papua New Guinea for 2,000 hectares in Kubuna, Central Province District, Papua New Guinea, 75 kilometers North North East from Port Moresby.
Including the 2,000 hectares included in the Kubuna TA application, Aqua Mining has more than 40,000 hectares of primary forest under contract for commercialization with the landowners of such property over time and subject to TA approval. With this initial TA application in Kubuna, we expect a resource recovery of 12 cubic meters per hectare, and a sale price of $750 USD per cubic meter, for a total of $18,000,000 USD in total revenue from this area. We expect logging operations on the Kubuna property to commence on or about September, 2016 and we expect that this TA will produce around 300 cubic meters per month, allowing for weather that may hinder operations during the wet seasons.
As previously announced, we also have a TA application pending for 2000 hectares in Kwikila Station, Rigo District, 55 kilometers East from Port Moresby (Rigo). The Rigo application was on the agenda for approval at the TA meeting scheduled for August 3, 2016, but that meeting was postponed until August 10, 2016. That delay allows for both the Rigo application and the Kubuna application to be heard on August 10, 2016. We expect that both the Kubuna and the Rigo applications will be approved at that time.
About Kibush Capital Corporation:
Kibush Capital is a Resource company active in Jade exploration in New South Wales, Australia, and Gold exploration and Timber Operations in Papua New Guinea.
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Source:Kibush Capital Corporation