State firm welcomes adding Porgera mine to portfolio

By SHIRLEY MAULUDU
THE Kumul Minerals Holdings Ltd has welcomed the inclusion of the special mining lease on Porgera to its portfolio, saying it will now own quality mining assets.
Chairman and acting managing director Peter Graham said quality mining assets would generate good returns for the country.
“This is a significant step forward for the company,” he said.
“We have one great company, Ok Tedi Mining Ltd.
“With the (Porgera) special mining lease granted to Kumul Minerals, we have the opportunity to add another great company and build our portfolio of mining assets that this country can be proud of,” Graham said.
“There is also a big pool of talent in the mining industry, where we have thousands of Papua New Guineans with outstanding skills and knowledge about mining.”
KMHL is responsible for holding the State’s interests in the mining sector – whether directly or through other entities or agencies.
It also has the right but not the obligation to exercise the State’s rights of participation in all future mining projects in PNG.
Its core asset is the ownership of 67 per cent of Ok Tedi Mining Limited.
Its 17.4 per cent ownership interest in the Bougainville Copper Limited has been pledged to the Panguna landowners and the people of Bougainville.
Meanwhile, Graham said KMHL had proposed to engage Barrick on an interim arrangements to restart the Porgera gold mine in Enga quickly.