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Signing to Reopen Porgera Mine

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Porgera Mine

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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NEW PORGERA AGREEMENT

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The Independent State of Papua New Guinea, Barrick Niugini Limited and New Porgera Limited has signed an agreement to progress with the operations of the mine.

The New Porgera Progress Agreement signed on Friday confirms that all parties are committed to reopening the mine at the earliest opportunity.

The signing ceremony at the government house was witnessed by Prime Minister James Marape, Deputy Prime Minister John Rosso, Barrick Gold CEO Mark Bristow, ministers of the state, and other stake holders.

After the signing Ceremony, Prime Minister James Marape addressed the media, saying this is a huge step closer to the reopening of the Porgera mine.

The Prime Minster further shared his appreciation to the State Negotiation Team and all stake holders for their patience, and hard work behind the scene, which allowed them to go through the due processes.

Marape said there has been a lot of delay in the processes, however these are all steps to ensure the new porgera is a fruitful venture.

Barrick CEO Mark Bristow further explained that the next steps are to transfer the exploration license from old Porgera to new Porgera, and make the application for the special Mining license, and that will open the doors to starting up the mine.

“We have a number of people to employ between now and the startup. We have started, and we will continue to employ people.” Bristow said.

He said they are committed to start producing gold within this year.

The CEO also appealed to the people of Porgera to end all violence and work together for a better place in Enga province.

Under the New Porgera agreement, economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited.

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