By FRANK ASAELI
EMPEROR Mines has officially handed over Tolukuma Gold Mine to Petromin PNG Holdings Ltd during a ceremony at the mine site yesterday.
Prime Minister Sir Michael Somare said: “Never before in our history has a company, owned by Papua New Guineans, bought 100% of a gold producing mining concern”.
The Government fully owns Petromin.
In just one year after Parliament passed the enabling legislation, Petromin has acquired a mining company that significantly contributes to national economy and in particular, to the economy of Central province, Sir Michael said.
With this acquisition, Petromin will become the employer of over 600 skilled and unskilled local mine workers, and will become the single largest business enterprise in Goilala, Central province.
Sir Michael said: “It is indeed an honour to be with you today on this memorable occasion – the takeover of Tolukuma Gold Mine by Petromin PNG Holdings from Emperor Mines.
“This is something the Government is very proud of. It is something all Papua New Guineans should equally be proud of,” Sir Michael said.
By passing the Petromin Authorisation Bill last year, the Somare-Temu Government gave substance to the dreams of the PNG people, the Prime Minister said.
“That dream was that one day our people would participate directly as majority owners, not as a minority partner, in the development of our vast mining, oil, and gas resources.
“The Government also places great emphasis on environment-friendly commercial undertaking in the country,” he said.
Petromin is required to apply national and international environment standards as it pursues its commercial interests.
Sir Michael has been encouraged by recent public comments from Petromin chairman Brown Bai that the company would review and improve on the present waste management processes at Tolukuma.
This is in line with the recent commencement of a scientific study to investigate concerns raised by downstream communities in the Kairuku/Hiri District, Mr Bai said.
Petromin is expected to work with the Department of Environment and Conservation and other relevant State agencies to attend to any aspects of the report to ensure the safety of the people in these communities.
At the recent share sale purchase agreement ceremony, Deputy Prime Minister and Minister for Lands Dr Temu said Tolukuma did not present “challenges” but rather “opportunities”.
Emperor Mines chief executive officer Brad Gordon said Tolukuma has “a lot of gold and the mine has a very good future”.