Monday, November 5, 2018

Barrick agrees to be party to Porgera agreement

Operator of the Porgera Mine, Barrick Niugini Limited has agreed to be a party to the project’s memorandum of agreement.
The agreement was reached last month in Kokopo, where the parties met to progress the negotiation of the revised MoA.
Barrick agreed to calls by landowners and the state to be a party, having been an observer only since 2006 when Barrick took over the project from the former operator, Placer Dome.
The agreement by Barrick means that the company is now obliged to honour of commitments listed under the revised memorandum of agreement.
Commitments include the resettlement exercise, training and development, and supply and procurement among others.
Despite not being a party to the MoA since 2006, the company still delivered benefits including training and localization, and business spin offs under the Mining Development Contract (MDC).
The company also delivered two others benefits through the compensation agreement and tax credit scheme programs.
Barrick Niugini Country Manager Dr Ila Temu said the company was looking forward to working with all stakeholders in delivering its part of the deal.
Acting managing director of the Mineral Resources Authority Nathan Mosusu, commended Barrick Niugini for committing itself to the landowners of Porgera Mine and other stakeholders of the MoA.
“Barrick is a major player in the industry and has always been an important contributor to PNG’s economic wellbeing,’’ he said.
“The company’s commitment to delivering benefits to our stakeholders especially our landowners is a plus for the country.”

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Kina Petroleum reports exploration activities in Papua New Guinea


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