Developer transfers equity

The National Business

DEVELOPER K92 Mining Inc will transfer 5 per cent equity in the Kainantu gold mine to the Bilimoia landowners, associated landowners and the provincial government, it has been revealed.
A statement by the parties involved in the revised memorandum of agreement was released following the week of talks held in Kokopo, East New Britain, last week.
Other new benefits package include:

  • K1 million community projects development funding from K92 Mine Inc;
  • K100,000 funding for the Kainantu Women In Mining by the Eastern Highlands government;
  • K1 million tender for maintenance of Konkua-Biliomoia Road; and,
  • State to upgrade and seal road from Konkua to Bilimoia village.

The parties agreed in principle to various commitments in the revised agreement.
Commitments include royalty distribution, special support grants, infrastructure development, business development and training and job opportunities.
The parties included the Bilimoia Landowners Association, Associated Landowners Association, State, K92 Mining Inc and the Eastern Highlands government.
The Bilimoia association executives were absent because of a pending court matter.
But representatives of 10 clans attended the meeting. The
revised agreement will go through various government vetting processes including approvals from various departments on State’s commitments. It will be followed by legal clearance from the State Solicitor and approval by the National Executive Council.