PM praises Global Barrick - Post CourierBY MEROLYN TENPrime...

PM praises Global Barrick - Post Courier
BY MEROLYN TEN
Prime Minister James Marape has praised the Global Barrick (Niugini) Limited to agree in paying off all the care and maintenance cost for the new Porgera Mine for the first time in history.

“To date, I have known and worked with so many extraction companies who have come to extract our natural resources, I have never seen one agree to meet the care and maintenance costs of an operation, but Global Barrick (Niugini) Limited is the first,” he said.

Mr Marape said extraction companies have always wanted the care and maintenance costs to be partly paid by the government and landowners.

“Despite the majority benefits of the new Porgera Mine that would be for Papua New Guinea with 51 percent and minority for the Barrick Niugini Limited with 49 percent, they still have agreed to pay the care and maintenance costs during the first ten years period and would continue.

“Unlike before where Papua New Guinea gets only five per cent and the previous extracting company of the old Porgera Mine gets 95 per cent yet off that five per cent, we still pay for the care and maintenance costs,” he said.

Mr Marape commended the global Barrick under the leadership of CEO Mark Bristol, and told the landowners of the new Porgera Mine that they would not be cheated any more but get what was rightfully theres.

According to State Negotiation Team (SNT) Chairman Dairi Vele, the Landowners and the Enga Provincial Government would get a total of K7.8 billion royalty and equity in a period of 20 years from the New Porgera Mine excluding the negotiated compensation.