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Porgera
Prime Minister James Marape and Barrick Gold have offered two competing visions for the reopening of the Porgera gold mine. With the mine closed and court cases ongoing, the latter is highlighting the impact on business and the community.
In its latest step to maintain its position as operator of the Porgera gold mine, Barrick (Niugini) is taking its dispute with Papua New Guinea to the International Centre for Settlement of Investment Disputes.
Barrick Niugini, the majority owner and operator of the Porgera gold mine, has announced that it will be retrenching most of its workforce over the coming weeks. Meanwhile, Papua New Guinea’s government seems intent of finding a new operator for the mine.
Papua New Guinea’s National Court has granted Barrick Niugini leave for a review of the decision not to extend the Special Mining Lease for the Porgera gold mine. Related disputes have also arisen, and the Prime Minister has flagged ‘minor amendments’ to PNG’s Mining Act.
Papua New Guinea’s government is coming under intense pressure to renegotiate the Special Mining Lease for the Porgera gold mine, which it refused to extend in April. Multiple industry bodies have urged the government to urgently negotiate with the mine’s joint venture operators, Barrick Gold and Zijin Mining, pointing to extreme economic stress.
The decision by the Marape-Steven government not to extend the Special Mining Lease on the Porgera gold mine is headed for the courts after the National Court of Justice at Waigani ordered both parties to have discussions to resolve the matter.
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The Executive Director of Institute of National Affairs, Paul Barker, considers the repercussions from the Papua New Guinea government’s decision not to renew the special mining lease on the Porgera gold mine.
Prime Minister James Marape moves to allays concerns among Papua New Guinea’s mining companies following the decision not to renew the special mining lease for the Porgera gold mine. Meanwhile, the mine’s temporary closure is already affecting local business.