Prime Minister Marape says government is ‘poised to sign’ a deal to reopen the Porgera mine, World Bank to help PNG Power and OK Tedi Mining resumes operations.

Porgera mine. Credit: Zijing Mining

Mining

‘We are almost at a point of signing an agreement with Barrick,’ Prime Minister James Marape said about the negotiations between the State and Barrick Gold, the operator of the Porgera gold mine in Enga Province. The announcement comes 12 months after the mine’s closure because of the government’s refusal to renew its expired mining lease.

Marape said there is now a ‘far superior and better deal’ that will get more benefits for landowners and the Enga Provincial Government. He also said that ‘the balance of equity through Kumul Minerals will mean we hold the majority in equity’.

‘Other benefits include: securing an increased and upfront tax with no concession, as is the case with other resource projects, an increase in royalties, as well as a better handle on environmental and resettlement issues at Porgera, and a Barrick exit option.’ (Prime Minister’s Office)

***

OK Tedi Mining Ltd resumed operations on 1 April after a temporary suspension that started on 19 March because of COVID-19 cases detected at the mine site. The temporary closure helped the company repatriate staff, conduct mass testing and restrict movement. (The National)

Superannuation

Nambawan Super has announced a net profit of K89 million. Despite the challenges brought by COVID-19 last year, the fund’s assets grew by 6.2 per cent compared to 2019. Total contributions for the year were K893 million, up from K832 million in 2019. The fund membership also grew to 207,986. (Nambawan Super)

MSME

The K21 million incubator centre and market at Six-Mile in the Moresby Northeast has opened. The market will help women in the area develop their financial and business skills and to open their small businesses. One hundred and fifty kiosks will be available for rent at Six-Mile for K300-400 per month.  (Post-Courier)

Energy

PNG Power is set to receive K105 million in project support from the World Bank for the PNG Energy Utility Performance and Reliability Improvement Project (EUPRIP), which is expected to be implemented between 2021 and 2026. The EUPRIP will help the state-owned enterprise be financially sustainable. Part of the project includes the rehabilitation and upgrade of infrastructure in the Port Moresby, Ramu and Gazelle grids. (LOOP PNG)