According to Mark Bristow, president and chief executive officer of Barrick Niugini Ltd (BNL), the cost of restarting the Porgera mine is roughly US$300 million (K1.052 billion). Bristow indicated that just caring for the mine cost BNL US$120 million (K421 million) and that restarting mining operations at Porgera would cost another US$180 million (K625 million). The sooner the mine reopened, he argued, the better.
“I just came back from a meeting to restart the mine. It takes a lot of work to get this mine up and running,” he said. “The world’s mining (industry) is in a boom. So we have to compete with a hot industry at the moment.”
He added that the firm had begun to take in back the workers and employees.
“One of the things we were not prepared to do was to put people at risk when the mine was closed,” he said. “So we retrenched everyone who wasn’t required for care and maintenance and paid them their full dues. When we start the new Porgera it will be a new vehicle. Those who had been working for us will receive their dues, and then everyone starts (afresh).”
“As soon as we finalise the documents and create the new company, we will start with fresh employment. We want to employ Porgera people first and other Papua New Guineans second.”
Barrick had 800 employees at the time, some of them were contract workers.
“We need to employ another 800 at the end of this year, then another 1,000,” he said. “I’m back in July, the team is working on the prestart. In 10 days’ time, we will have all drafts ready for negotiation.”
The mine was shut down in April of last year owing to a disagreement between the government and BNL.
Reference:
Kero, Gynnie. The National (7 June 2021). “Mine opening at K1.05bil”.
