Delay will affect benefits: Exec

CARE and maintenance of the Porgera gold mine in Enga costs K35 million a month, according to Barrick Gold president and chief executive officer Mark Bristow.
Bristow, who arrived in the country yesterday for a three-day visit, said further delays in restarting the mine would affect benefits for stakeholders, including the Porgera community.
He is expected to meet Prime Minister James Marape and visit Porgera to meet the landowners and businesses, church leaders and community representatives.
The mine is into its third year of care and maintenance while plans to restart it is on hold, awaiting the completion of talks with landowners.
The most important is the execution of the shareholders agreement by the Mineral Resource Enga Ltd (MRE).
Bristow said Barrick Niugini Ltd (BNL) was continuing talks with the State Negotiation Team, the MRE and the Porgera Landowners Association. “The Porgera project commencement agreement provides a 1 per cent increase to the royalty rate to 3 per cent and an additional 10 per cent free carry equity to be shared between the Enga and the wider project-impacted landowners. This is on top of the 2.5 per cent held by each of the Enga and the Special Mining Lease landowners through MRE.”
He said any further delay in the restart of the mine would deny benefits to the Porgera community and the Department of Treasury.
“Care and maintenance is currently costing K35 million a month, which will have to be repaid,” Bristow said.
Bristow said Barrick was ready to finalise all remaining matters to allow the restart of the Porgera Mine.