Mine success rests with govts, landowners: BNL

By GYNNIE KERO
BARRICK Niugini Ltd (BNL) says the responsibility of ensuring the success of the “new Porgera” mine also rests with the national and provincial governments, plus the landowners. BNL president and chief executive officer Mark Bristow said illegal mining and lawlessness in the area must be addressed before the mine was reopened at the end of the year.
He told the people of Porgera at Paiam on Friday that he had no doubt as owners and partners, “we can all work together to deliver the potential of this asset for the benefit of all”. He said the Framework Agreement “sets a new paradigm for arrangements between PNG and the world’s leading resource companies based on a fair and equitable sharing of benefits and responsibilities”. Under the terms of the agreement, PNG stakeholders would own a 51 per cent equity stake in the mine with BNL remaining as the operator. Bristow said in the next 20 years, the overall economic benefits derived from the mine would be shared – 53 per cent for PNG and 47 per cent for BNL. At the end of the first 10-year period, PNG stakeholders would have the option of buying the BNL’s 49 per cent equity.