K92 Mining Inc, a ‘good corporate citizen’, says PNG PM

 Papua New GuinePRIME Minister James Marape has described the K92 Mining Inc., the operator of the Kainantu gold mine in Eastern Highlands as a “beacon of good corporate citizen”.

He made the remarks during a project update meeting with the company’s chief executive officer John Lewins, vice-president Philip Samar, Mining Minister Johnson Tuke, and Mineral Resources Authority managing director Jerry Garry on Wednesday.

He said it was pleasing to note that the mine’s performance last year was outstanding, with K67 million in corporate tax expected to be paid to the State.

The tax estimate for this year is expected to be K85 million.

The mine has also invested a lot in capital expenditure for its underground development and expansion.

It plans investments of between K40 million and K50 million for exploration this year.

The company also paid K12 million to its stakeholders and K3 million as the production levy last year.

Lewins said the 2022 Budget included a capital expenditure of K200 million, twin decline development of between K40mil and K50 million, and capitalised development of between K70mil and K80mil.

For exploration, the budget is between K40mil and K50mil.

The royalty payments budget for 2022 is K15 million and includes K3.8mil in production levy.

The major landowner company JV Contracts was paid last year K50 million for transport, security, camp and the ancillary mobile plant.

The National / Pacific Mining Watch

Next : K92 Mine increasing output by 34pc

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