The signing of four agreements towards the re-opening Porgera Mine in Enga comes with the prediction the mine will reopen before the end of 2023.
The four agreements signed between the Papua New Guinea Government and New Porgera Limited include the Mining Development Contract, Special Mining Lease (SML) 13, Fiscal Stability Agreement, and Escrow Arrangement for Landowners.
Porgera will be operated by New Porgera Ltd, a company with a 51 percent ownership by Papua New Guinea stakeholders and 49 percent by Barrick
Prime Minister, James Marape expressed his gratitude to developer, Barrick for their care and stewardship of the mine since its closure in April 2020.
“This is the first time that a Papua New Guinea company has merged in a joint venture with a global supermajor like Barrick. This incorporated joint venture is structured in a way where accountability of all parties is on the table. I want to assure everyone that this has been done transparently,”Marape said.
The Porgera Mine was closed after Barrick’s Mining license reached an expiration date in April 2020. For the next three years, the state and the developer would engage in negotiations until the signing last Friday.
Mark Bristow, President and CEO of Barrick Gold Corporation said a milestone was reached and both parties will look forward to the exciting voyage ahead.
” We’ve worked hard to get here, and it’s important now to finish the last step, and that is the compensation arrangements for all the landowners. We want to get that out of the way as quickly as possible. We believe that we can do that with the help of everyone,” Bristow said.
The signing held at the Government House was witnessed by Governor-General Sir Bob Dadae, Prime Minister Marape, Barrick Gold Corporation President and CEO Mark Bristow, company representatives, Enga Governor Hon. Sir Peter Ipatas, Ministers and MPs, Porgera landowner representatives, members of the State Negotiating Team, and others.
Related: https://insidepng.com/ipatas-wants-new-porgera-development-forum-in-enga/
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