PNG's Porgera Mine shareholders ink deal

 A NEW shareholders’ agreement has been signed by Barrick Niugini Limited (BNL) and the Papua New Guinea Government’s nominee, Kumul Minerals (Porgera) Limited.

The shareholders’ agreement now only awaits the signature of Mineral Resources Enga (MRE) for the document to take effect, which would clear the way for the incorporation of a new Porgera joint venture company and the application for a new special mining lease, a condition of the Porgera mine’s reopening.

PNG parties (state and landowners) will own the majority share of 51 per cent while BNL will have a 49 per cent stake in the gold mine. Landowners will also receive an increased equity.

Barrick president and chief executive Mark Bristow said Barrick remained committed to an early restart of the mine and called on all stakeholders, especially the landowners, to work together to make it happen.

Bristow said Barrick had continued to invest in care and maintenance with its capital outlay at about US$312 million (over K1bil) to date. “We recently completed our strategic planning meetings with the mine’s key leadership team, comprising 80 per cent PNG nationals, and we look forward to welcoming back more than 2,000 local miners as we ramp up to full production,” he said.

The National / Pacific Mining Watch 

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