Mineral Resources Enga yet to sign off on agreement: MRA

THE multi-billion Kina Porgera gold mine in Enga is yet to resume because Mineral Resources Enga (MRE) is yet to sign off on the shareholders agreement, according to the Mineral Resource Authority (MRA).
Managing director Jerry Garry said the shareholders agreement was the key agreement which needed to be signed off for the creation of the new project company for Porgera.
“The project company will then have the interest of the underlying exploration licence as well as the special mining lease which will effectively run the new Porgera mine,” he told The National.
“MRE owns five per cent of the residual shares in the project and that is why it is invited to be a shareholder in the new company.”
Garry added that the official negotiations were not within the ambits of MRA.
“We cover the regulatory side of business and so currently the state is in negotiations with Barrick, Mineral Resources Enga and the landowners,” he said.
“These are purely commercial negotiations in regards to the commercial interest in the project.
“Once they transfer the interest and the underlying exploration licence and special mining lease (SML), the new project company will apply to MRA who will officially register the interest were the new project company will reflect the commercial interest or equity held by various parties.
“After that the green light will be given to go ahead and operate.
“That’s where we are.
“If there is a need to seek any variations to the SML then that can be done at that time but for now the only holdup is the signature from MRE directors.”