The national and provincial governments, as well as the landowners, are all responsible for the success of the "new Porgera" mine, according to Barrick Niugini Ltd (BNL). Before the mine reopened at the end of the year, BNL president and CEO Mark Bristow said unlawful mining and lawlessness in the region needed to be handled.
He reminded the inhabitants of Porgera at Paiam that as owners and partners, “we can all work together to achieve the promise of this asset for the benefit of everyone.”
The Framework Agreement, he added, "creates a new paradigm for agreements between PNG and the world's major resource firms based on a fair and equal sharing of benefits and obligations."
PNG stakeholders would possess a 51 per cent ownership part in the mine under the terms of the deal, with BNL staying as the operator. According to Bristow, the mine's entire economic advantages would be shared over the following 20 years, with 53% going to PNG and 47% to BNL. PNG stakeholders would have the option of purchasing the BNL's 49 per cent equity at the conclusion of the first ten years.
Reference:
Kero, Gynnie. The National (7 June 2021). “Mine success rests with govts, landowners: BNL”.
