The Porgera gold mine in Enga Prince looks set to reopen later this year after the Papua New Guinea Government and mine operator Barrick Gold reached a ‘binding framework agreement’ to share future benefits from the mine and boost local ownership.
Papua New Guinea Government moves to take over Porgera lease
Welcome,
31 Aug 2020 by 6 Comments
Papua New Guinea’s government has moved to effectively take over the Porgera gold mine in Enga Province by issuing a Special Mining Lease to state-owned mining company, Kumul Minerals Holdings. Legal challenges look likely.
Papua New Guinea government and Barrick Gold outline competing visions for Porgera
Welcome,
20 Jul 2020 by 9 Comments
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.
Tools down: Papua New Guinea’s Porgera gold mine starts sacking workers
Welcome,
29 Jun 2020 by 16 Comments
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.
Reconsidering Porgera: Papua New Guinea’s industry bodies urge government to negotiate
Welcome,
1 Jun 2020 by 7 Comments
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.
Court challenge: Marape forced to rethink Porgera decision by courts
Welcome,
4 May 2020 by 12 Comments
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.
In brief: Oil Search still keen on P’nyang gas project and other business stories
Welcome,
4 May 2020 by Leave a Comment
S&P Global Rating lowers Papua New Guinea’s sovereign credit rating, Zijing Mining sends letter to Prime Minister Marape and PNG DataCo lands the Kumul Submarine Cable in Kavieng. The business news you need to kickstart your week.
‘Nationalisation without due process’? Barrick Gold to take on Papua New Guinea government over Porgera decision
Welcome,
27 Apr 2020 by 7 Comments
The Papua New Guinea Government has announced that it will not renew the existing Special Mining Lease at the Porgera gold mine, which is operated by Barrick Gold. Barrick is set to challenge the decision.
In brief: Papua New Guinea Government may review petrol supply regime, and other business stories
Welcome,
2 Sep 2015 by Leave a Comment
O’Neill indicates government may open up petrol supply market, Australia questions if vegetable import ban breaches global trade rules, and plans for an 800,000 hectare forest in Western Highlands. Your weekly digest of the latest business news.
In brief: Highlands Pacific makes nickel discovery at Sewa Bay, and other business stories
Welcome,
19 Aug 2015 by Leave a Comment
Sewa Bay shows potential for Highlands Pacific, El Nino weather conditions to continue into 2016, and import ban on fruit and vegetables. Your weekly digest of the latest business news.
USD 0.256
AUD 0.3809
GBP 0.1947
EUR 0.231
NZD 0.4143
JPY 36.1
SGD 0.3325
Recent readers’ comments