By NOBERT KOKE
THE Marape-Basil government has officially signed an agreement with Barrick Niugini Limited this afternoon at the Government House in Konedobu, Port Moresby to reopen the Porgera Gold Mine that has been closed for the last 12 months since April of last year.
Mining Minister Johnson Tuke signed the instruments on behalf of the government.
Prime Minister James Marape said Barrick will be the operator of the ‘new Porgera’ under new terms of agreement that has been signed and is favorable to PNG.
Mr Marape said he has not deviated from his government core principle to ‘Take Back PNG’.
“We want a far superior and better deal for the State, Enga Provincial Government and the Landowners.
“We are in a better position now for what will be the ‘new Porgera’,” Marape said.
Marape said the State through Kumul Mineral, EPG and landowners will hold a much high stake in the new Porgera.
Barrick and China’s Zijin Mining group holds a 45% equity each in the former Porgera Mine however under the new agreement they are likely to share a 49% equity.
Barrick said the agreement signed is in line with the principles announced in October, providing for a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate Porgera going forward on the basis of increased PNG ownership and a fair sharing of economic benefits.
“BNL would continue as the operator of the mine. We remain hopeful that we will reach agreement with the PNG Government on a long-term partnership that will see the reopening of Porgera in the near future.”
Meanwhile, the Porgera landowners claimed that they have not been consulted regarding the recent announcement by Marape and are confused whether their outstanding legacies issues will be addressed.