Papua New Guinea Minister for Mining, Hon. Wake Goi, has commended K92 Mining Inc. for its record-breaking gold production in the fourth quarter of 2024. He praised the company's operational excellence and its significant contribution to the country's economy.
"I extend my congratulations to K92 Mining for achieving this historic milestone in production. This record-breaking performance not only demonstrates the company's operational excellence but also underscores the strength and potential of our mining industry to drive economic growth and create employment opportunities for our people,” he told PNG Business News in an exclusive interview.
Minister Goi also acknowledged K92 for several efforts which include advancing its exploration efforts, paying corporate tax, and consistently operating within PNG's mining laws, business and national laws. He urged the company to maintain these standards.
He called on other mining companies to fully comply with the country's legal frameworks while recognising those that continue to uphold these regulations and laws.
K92 Mining reported a gold equivalent (AuEq) production of 53,401 ounces in Q4 2024, a 37% increase from the same period in 2023. This surpasses previous records and contributes to the company exceeding its annual production guidance.
Minister Goi acknowledged K92's commitment to responsible mining practices, including environmental sustainability, safety, and community engagement. He emphasized the importance of addressing landowner and community grievances through consultation with the government.
"K92 Mining’s continued growth reflects a balanced approach to mining—one that prioritizes both economic success and environmental responsibility. I commend the company for upholding these values while contributing to the country’s development goals," he added.
The Minister highlighted K92's Stage 3 Expansion, which is expected to further boost production capacity and create economic benefits for PNG. He emphasized the government's support for responsible investors and called for efficient and streamlined processes for mining companies.
Minister Goi reiterated the government's commitment to ensuring the resource sector delivers lasting value to the people of PNG.
"The government is committed to fostering partnerships with responsible investors like K92 Mining. Their success sets a positive example for the resource sector, and we encourage other companies to follow this path by investing in our country and empowering our communities," he stated.
K92 Mining's success has been widely recognized as a significant boost to the country's economy, reinforcing confidence in the mining sector's ability to drive the country's long-term development.
"As K92 Mining advances its Stage 3 Expansion, we anticipate greater economic benefits for the country, including job creation, infrastructure development, and increased revenue. This progress is vital for achieving our national development goals. We stand ready to support companies that share our vision for sustainable and inclusive growth,” Minister Goi said.