Firm to cut electricity to communities

National

FREE electricity supplied by Barrick Niugini Limited to communities in Porgera will be reduced from today, the miner says.
The operator of the Porgera gold mine said the measure was due to necessary cost reductions at the mine forced by the lack of revenue.
“Local electricity supplied to Paiam and surrounding Porgera communities, which is currently provided free of charge by the Porgera mine, will be reduced during the current care and maintenance period,” a company statement said.
From today, electricity supply to Porgera communities will be from 6pm to 6am daily.
The company said it regretted the decision but it had no other option “in light of the Government decision not to extend the Porgera Special Mining Lease which forced the suspension of operations and the consequent loss of operating revenue for the company”.
The company is challenging the Government decision in court.

One thought on “Firm to cut electricity to communities

  • Sorry for the poor company.
    They only managed 5.5 million ounces of gold but very lucky at all-in cost of $1000 an ozs . Compare that with Jan 1 2019 Gold price was $1288 and by Dec 31 had reached $1500 per ozs.
    As well they mined 432 pounds copper last year.
    Sadly they only were able to increase earning by 46% over 2018 which meant their Q4 dividend only increased by 40% but over the year company’s debt halved!
    I could weep

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