K92 mining parties to maintain deal

PARTIES to the K92 mining project memorandum of agreement (MoA) have agreed in principle to maintain the existing arrangements on the main breakdown of royalties from the mine.
The breakdown is: Bilimoia Interim Landowners’ Association (BILA-Mining Lease Landowners) 60 per cent, Eastern Highlands Provincial Government (EHPG) 30 per cent and the Associated Landowners (AL) 10 per cent. This was the breakdown last agreed to in 2003 when the mine was operated by Highlands Kainantu Ltd. The agreement was reached last week in Lae where the parties met to review the agreement.
The parties will have to agree on how to re-distribute their shares of the royalties among the various groups that make up their associations and structures. The parties will meet again next month.
In the meantime, all parties have been tasked to iron out various issues identified during the review, including the re-distribution of royalties by the EHPG, BILA and ALs with their internal stakeholders.