THE National Superannuation Fund (Nasfund) has welcomed the signing of the ‘new Porgera’ agreement to reopen the Porgera Gold Mine in Enga province.
The Government on Friday 09 April through the Mining Minister Johnson Tuke signed the agreement with the former mine operator Barrick Niugini Ltd for the new-look operations of Porgera which was witnessed by Prime Minister James Marape.
The deal will see PNG Government a majority share of 51 percent while Barrick Niugini Limited retains 49 percent shares as opposed to the old agreement where PNG Government had 5% and Barrick has the majority of 95 percent shares.
In acknowledging this development, Nasfund CEO Ian Tarutia, says the decision by the Government to work together with former Porgera developer Barrick Niugini Limited is one that bodes well for the future of the mine, and its employees.
“Following the closure of Porgera in April 2020, many direct employees and contractors have been hard hit, with the Fund playing our part in providing relief through unemployment benefit payments for eligible members.
“Whilst we continue to support our members through our service offering, we also remind our members that superannuation should only be utilized when you retire, not whilst you are still within the age of active employment.
“Especially against the backdrop of limited high impact economic activity, the signing of the agreement is welcomed, as it will boost investor confidence in PNG’s economy, but more importantly provide jobs for many, most of whom are our members.
“As the superannuation fund serving the majority of employers, employees and contractors in Porgera, we are pleased that steps are being taken to restart the mine operations.
“We look forward to welcoming back our contributing members when Porgera restarts operations.
“Nasfund stands ready to partner with you to ensure you are ready for retirement,” Tarutua reiterated.