History
PanAust was founded in 1996. From 1998 to 2003, during the low point in the metals’ price cycle, PanAust embarked on an initiative to acquire advanced stage exploration assets and early stage development projects. This strategy led the Company to evaluate assets in Southeast Asia.
In August 1999, the Company negotiated the right to earn a controlling interest of up to 70% in the Puthep copper project in Thailand. After receiving the necessary approvals from the Thai government in late 2006, a feasibility study commenced at Puthep in early 2007.
In 2001, PanAust purchased an 80% interest in the Lao-registered company, Phu Bia Mining, which holds the Phu Bia Contract Area in Laos. In 2005, the Company exercised its option to acquire the remaining 20% interest in Phu Bia Mining.
In November 2005, PanAust brought its first operation, the Phu Kham Heap Leach Gold Operation (formerly called the Phu Bia Gold Mine), into production based on mining and processing ore from the oxide gold cap overlying the much larger Phu Kham copper-gold deposit. In April 2006, PanAust announced plans to develop the Phu Kham copper-gold deposit. The Phu Kham Copper-Gold Operation came on-stream in March 2008.
PanAust is committed to advancing its Southeast Asian projects and to acquiring further assets which will provide growth opportunities for the Company in the future.