PORT MORESBY: The owners of the Porgera goldmine in Papua New Guinea’s Enga Province hope to resume production “at the earliest opportunity”.

Porgera Gold Mining, which contributed to almost 10 percent of PNG’s exports, has been shut for nearly three years after the government refused to roll over the lease during the height of the Covid-19 pandemic in 2020.

At the time, Prime Minister James Marape’s government said that it was “in the best interest of the state” to close down the mine – a decision contested by Barrick Niugini Ltd.

But last year, new shareholding was agreed between Canadian multi-national, Barrick, and PNG stakeholders, who include local landowners and the provincial and national governments.

The local stakeholders will control 51 percent, while Barrick will have 49 percent equity in the New Porgera Ltd.

The economic benefits would be shared 53 percent by the PNG partners and 47 percent by Barrick Niugini Ltd, which will operate the mine.

Source- RNZ

Story by: fonua.talei@fijisun.com.fj