K92 mining parties reviewing mining deal

Business

Parties to the K92 mining project memorandum-of-agreement (MOA) are meeting in Lae to review the existing agreement.
Mining Minister and Kainantu MP Johnson Tuke opened the negotiations yesterday.
He urged all stakeholders to be transparent and honest.
The agreement was last reviewed and signed between the parties and former operator Barrick (PNG) over 10 years ago. A new operator had to take up the project before the agreement could be reviewed, hence the hold-up of the review process.
The new operator and party to the agreement is K92 Ltd.
The other parties are the Bilimoia Interim Landowners Association (BILA), National Government, Eastern Highlands government and affected local level governments.
Top on the agenda for negotiations are spin-off business contracts for BILA, employment and training for locals, establishment of BILA office and outstanding compensation.
Mineral Resources Authority, as the regulator of the mining industry in the country, has mobilised all necessary resources and officers of relevant government departments who would be participating in the negotiations.
The acting managing director of the MRA, Nathan Mosusu, said it was his responsibility “to facilitate and bring together all parties to this project memorandum of agreement to negotiate and find ways forward”.
“The landowners have waited too long to receive benefits from the mine,” he said.
“Let us change their lives through the memorandum of agreement review process.”

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