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Talks are under way for the Porgera gold mine to be reopened soon.
Prime Minister James Marape and Enga Governor Sir Peter Ipatas met with Barrick Gold chief executive officer Mark Bristow who arrived in the country on Tuesday for a round table with the PNG government.
Marape in a statement said he has met with Bristow and they had a positive discussion on the terms of re-opening the Porgera gold mine.
He said their discussions were focused on mutually acceptable arrangements for a new Porgera partnership to reopen and operate the mine going into the future.
He said under the new arrangements, which they have come to terms with, Barrick Niugini Limited will retain operatorship with a fair sharing of the economic benefits.
“We have agreed in principle that Papua New Guinea will take a major share of equity under the new arrangements and BNL will retain operatorship and there will be a fair sharing of the economic benefits.
“This is a very significant step forward and I look forward to hearing of the outcomes of further discussions on the economic principles to guide future mining operations,” Marape said.
Bristow, who departed for Africa also noted that he has left behind a high-level team to progress negotiations.
“I am certain that my team will be able to work with the PNG State Negotiation Team, led by SNT chairman Ambassador Isaac Lupari, in finalising full commercial details,” Bristow said.
Marape and Bristow have agreed to meet again in the coming weeks once negotiations conclude.
“I have full confidence that we will be able to broker an historic agreement that will provide a lasting legacy and enduring partnership that will benefit our nation for many years to come,” Marape said.
SOURCE: POST COURIER/PACNEWS
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