The Papua New Guinea Government and the developer of have signed 2 important agreements for Porgera Mine reopening.
Two important documents were signed by the State and its project partners at the Government House in Port Moresby this morning.
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| PNG Government and Developer sign 2 Vital Agreements for Porgera Gold Mine [Photo by NBC] |
These are the Deeds of Amendment to the Pogera Commencement Agreement (PPCA) and the Deed of Escrow to park 10% of the project equity.
The PPCA is the central and structural document designed to elaborate and deal more specifically with what was set out in the Framework Agreement.
The intention of the escrow is to allow the project company to be incorporated in the short term to allow the lodgement of its application for a special mining lease to be made and in this case , the Mineral Resource Development Corporation is the escrow agent.
Speaking after the formalities , Prime Minister James Marape says this is major milestone and an important step towards the reopening of the new Pogera mine.
He commended Barrick and its Chief Executive Officer, Mark Bristow for their patience to allow the State and its stakeholders to ensure that every important detail is captured in the amendment deed.
NBC News / Pacific Mining Watch
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