Porgera talks must be done properly before reopening: CEO

By DALE LUMA
NEGOTIATIONS between the State and Barrick Niugini Ltd (BNL) must be done properly before the Porgera mine is reopened, says Bank South Pacific Financial Group Ltd (BSP) chief executive officer Robin Fleming.
Fleming told The National that like many in the business community, BSP had noted the comments by Prime Minister James Marape on the work done so far.
Marape said in Parliament recently that he was looking forward to re-opening the mine on Sept 16 – Independence Day.
But no announcement was made.
Fleming said Marape had indicated that between 70 to 80 per cent of the background work had been progressed.
“We look forward to that being finalised in a very short period of time because it signals the commitment by the government and Barrick towards getting Porgera re-commissioned which is so important Enga and to PNG as a whole,” Fleming said.
“What (he) is trying to say is that (Sept 16) is our target and we need to recognise that there’s a lot of work that does go into these types of negotiations.
“We need to ensure that when these negotiations are completed, they are done correctly, there’s no further disputes and all parties are able to progress over the next 10 to 15 years without saying that we rushed the agreement.
“We progressed at 80 per cent, we need to ensure that we get the balance done and let’s get it done correctly.”
Marape said previously that while the deadline was Sept 16, “we are going to have to deliver this in partnership with Barrick”.
“Their interest is equally important,” he said.
Marape said the benefits would go to all the Papua New Guinea stakeholders.
PNG Chamber of Commerce and Industry president Ian Tarutia previously said the closure of the Porgera mine had directly affected more than 3,000 jobs, and a loss in revenue in the salary and wages tax, plus corporate and royalty tax.