President and CEO of Barrick Gold Corporation, Mark Bristow, has on Monday (17.07.23) met with Prime Minister Hon. James Marape to discuss recent progress and the status of the matters remaining to be completed in anticipation of the reopening of Porgera Mine.
Prime Minister Marape welcomed Mr Bristow’s statement that Barrick was committed to PNG “for the long haul” and his pledge that Barrick Niugini Limited, for its part, would do everything under its control to meet the 16 September 2023 re-opening date that the Prime Minister had set as target, and to which both parties are now working diligently toward.
A Development Forum preceding the reopening is imminent within the next several weeks to ensure all landowners and provincial governments are met to iron out, amongst other things, their benefit distributions.
The Government has committed an additional K900 million on top of major gains from project benefits that averages to PNG beneficiaries getting 53 percent to Barrick Gold getting 47 percent in New Porgera.
Both parties committed to fix legacy issues such as proper resettlement, increase land rates and compensation consistent to law, education and health developments, infrastructure developments, and a better law and order environment in Porgera and all project area footprint, including riverine and other project support areas.
To meet the September target, both parties committed to attend to all these maters at hand.
The resource in Porgera can be easily harvested at over 500,000 ounces a year, capable of bringing millions of dollars back into the country at the high gold prices at present.