Photo: PNG PM Marape talking to Porgera Mine workers
Following the recent signing of stakeholder agreements, more than 3,000 workers will be employed when the Porgera mine reopens.
“Over the next couple of weeks, the company will hire 3,100 people, most of them Papua New Guineans, (who) will head back to Porgera valley, open the gate and start digging the ground,” State negotiation team chairman Dairi Vele said.
“We are hoping that they can announce that the first gold has been processed during June, July, and August.”
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).
The signing of the agreement at Port Moresby, according to Vele, "signified the reopening of the project."
“The main one is the shareholders’ agreement, that is, the coming together to build the company.
“That’s not for the Government.
“That’s for Kumul Minerals Holdings Ltd (KMHL), the landowners and Barrick.
“The company is born today – it is the beginning of the mine.”
Vele said the company should be registered in the next 48 hours.
“Kumul will own the company with 36 per cent, landowners 15 per cent, and Barrick 49 per cent,” he said.
However, the government will receive 53% of the advantages, while Barrick will receive 47%.
The 51% government share in the new Porgera firm, according to KMHL managing director Dr John Kuwimb, is made up of 15% for the landowners and the Enga government and 36% for Kumul Minerals.
Barrick and the State, he claimed, would each have four directors.
“We will work to run Porgera, and this company that we are incorporating will appoint Barrick as the operator,” he said.
Reference: Pacific Ming Watch (7 April 2022). “Over 3000 Mine Workers in PNG to work when Porgera Mine reopens”.
