4,000 hope to work again

Business

By DALE LUMA
THE National Superannuation Fund (Nasfund) hopes that its members affected by the Porgera mine closure in April last year would be reemployed when the mine reopens. Nasfund chief executive officer Ian Tarutia told The National that around 4,000 members had been affected by the closure when the Government did not renew the operator Barrick Niugini Ltd’s (BNL) mining lease. Prime Minister James Marape and BNL president and chief executive officer Mark Bristow were in Porgera last Friday to explain to landowners what had been agreed on to reopen the mine later this year.
“As the superannuation fund for affected workers of the mine, we hope this means our members are reemployed and their retirement savings restarted,” Tarutia said. Tarutia, also the president of the PNG Chamber of Commerce and Industry, welcomed the progress made by the State and Barrick to have the mine reopen operation. “The economic and social benefits are important for our people, especially the communities in and around Porgera,” he said. “We note that Prime Minister Marape says the Framework Agreement is premised on fair and equitable sharing of benefits and responsibilities and the State will be receiving corporate tax. “This is wonderful news. “We further note that Barrick chief executive officer Mark Bristow is accommodating of the framework agreement and this augurs well for a successful reopening.
“Whether the start-up cost of K1 billion means State will forgo dividend, rent or royalties in the interim is not clear and perhaps this can be clarified. “But it is comforting for business and investors that Papua New Guinea is a safe destination for investment and win-win outcomes can be achieved through dialogue and respect for each other.”