Firm wants to strengthen relations

ON his first visit to Papua New Guinea as new president and chief executive officer of Barrick Gold Corporation, Mark Bristow says the global mining group is committed to strengthening the company’s partnership with the Government and communities.
This has enabled Porgera gold mine to deliver substantial benefits to PNG for almost 30 years.
During his four-day visit, Bristow met with Deputy Prime Minister Charles Abel and representatives of the Porgera Landowners’ Association, including chairman Mark Ekepa and member Dixon Pundi.
Bristow also hosted a dinner for Enga Governor Sir Peter Ipatas, Minister for Foreign Affairs and Trade Rimbink Pato, Lagaip-Porgera MP Tomait Kapili and Wabag MP Dr Lino Tom.
He also highlighted the mine’s longstanding partnership with the State and reaffirmed Barrick’s commitment to engaging with Government representatives and landowners to negotiate an extension of the Porgera special mining lease (SML) that will allow the mine to remain productive, while also delivering benefits for stakeholders over the long term.
Bristow said Porgera was a long-term asset for both Barrick and Zijin that would require significant capital investment to sustain operations.
Without the security of an extended mining lease, it would be difficult to justify further significant investments in the mine.
The Porgera gold mine pays significant compensation to local landowners for use of the land where the mine is located.
The mine has also paid over K3.3 billion in taxes and more than K520 million in royalties to the State, making a significant contribution to the national economy by providing a long-term source of public revenue and supporting development of critical infrastructure in Enga and surrounding provinces.
“At Barrick, we believe that our host countries must be true partners, sharing both the responsibility and the benefits that come with mining,” Bristow said.
“We are ready to engage with the Government to breathe new life into this long-standing partnership, so that the Porgera Joint Venture continues to deliver benefits to all stakeholders.”
Barrick and Zijin Mining Group each own a 47.5 per cent interest in Porgera Joint Venture (PJV) through Barrick (Niugini) Ltd.