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Barrick reaffirms commitment to deliver value to stakeholders in PNG

BARRICK has reaffirmed the company’s commitment to working with the Papua New Guinea Government and local communities to ensure the Porgera gold mine continues to deliver value to its stakeholders past the expiry of the current Special Mining Lease on Aug 16.
This was revealed when president and chief executive Mark Bristow met with Prime Minister James Marape yesterday.

Bristow also held meetings with Enga Governor Sir Peter Ipatas, Porgera landowners and other stakeholders.
He said Porgera was an important long-term asset for the country as well as the mine’s owners, Barrick Gold Corporation and Zijin Mining Group.
“The proposed extension to its lease would allow the mine to remain productive for at least another 20 years,” he said.
“To sustain mine operations, however, it will require significant capital injection and it is difficult to justify that kind of investment without the security of an extended mine lease.
“Barrick believes in true partnership with host countries, sharing both the responsibilities and the benefits that come with mining.
“We are engaging with the Government to breathe new life into our long-standing partnership, so that Porgera continues to deliver value to its stakeholders.
“In our meeting with the Porgera landowners, we invited our stakeholders to join us in continuing to improve the quality of life, security and welfare in the Porgera Valley.”
Since pouring its first gold in 1990, Porgera has paid more than K3.6 billion in taxes and K1 billion plus K600 million in equity cash payments and royalties respectively to the provincial government and customary landowners.
This represents a significant contribution to the country’s economy, as well as a substantial amount to the landowners on whose properties the mine is located.
An application to extend Porgera’s special mining lease for a further 20 years is currently in progress. The National/ Pacific Mining Watch
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