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Cipher will be established as an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network`s critical infrastructure. Our goal is to be the leading Bitcoin mining company in the United States. We expect that the operations at our four initial planned data centers in Ohio and Texas will enable the Bitcoin network to continue to operate and flourish. Through our business model, Cipher expects to operate powerful computers that mine Bitcoin and validate transactions on the Bitcoin network. We believe Cipher will leverage our best-in-class technology, market-leading power purchase arrangements, and a seasoned, dedicated senior management team to become the market leader in Bitcoin mining. Cipher Mining Technologies Inc. announced on March 5, 2021 that it had entered into a definitive agreement for a business combination with Good Works Acquisition Corp. (Nasdaq: GWAC) (“Good Works”), a U.S. publicly-traded special purpose acquisition company. Upon the closing of that transaction, the combined company will be named Cipher Mining Inc. (“Cipher” or the “Company”) and is expected to be listed on the Nasdaq under the new ticker symbol “CIFR”.
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Marengo Mining Limited is committed to developing exciting new ventures combining high quality projects with an experienced team and a proven track record. After reviewing a number of mineral opportunities globally, Marengo committed to the Yandera Copper Project, Papua New Guinea, in April 2005. At that stage the prospect comprised a granted exploration licence and two separate but non JORC compliant resource estimates. Seven years later, Yandera is one of the largest undeveloped copper projects in the Asia-Pacific region with a JORC and NI43-101 compliant resource and the completion of feasibility for mine planning and project development due in 2013. Marengo's development partners include Chinese State Owned Enterprise, China Nonferrous Metal Industry's Foreign Engineering and Construction Pty Ltd (NFC) as well as Kumul Mining Holding Ltd (KMHL) (fomerly Petromin PNG Holding Limited), an independent company created by the State of Papua New Guinea to hold the State's mining and mineral exploration assets and to maximise indigenous ownership and revenue gains in the minerals sector. From the beginning Marengo committed to the health, safety and employment opportunities for the people of the Yandera region, Madang province and the country of Papua New Guinea. We are proud to be the leading employer in our region, to have a majority PNG national workforce and to continue to have a positive impact on the lives of the people. The Company believes that the efforts put into community affairs has created a strong bond between Marengo and our communities.