TechInPacific – The Mineral Resources Enga (MRE) signed Porgera Project Commencement Agreement (PPCA) on Thursday last week means one step closer to the reopening of the Porgera Mine.
What follows next is the signing of the Shareholders Agreement to enable the New Porgera joint venture company to apply for a Special Mining Lease. The agreement should be finalized with the Operatorship Agreement.
The reopening is set to take off in March. The Barrick President and Chief Executive Officer Mark Bristow said, “The formal execution of the PPCA represents important progress. Our senior executives have been in PNG once again to oversee the final execution of the PPCA and the negotiation of key implementation agreements.
“Our task now, in partnership with the State, is to accelerate the process so that the new company, which will be 51% majority-owned by Papua New Guinean shareholders, is incorporated and a sound tenement granted, enabling the mine to reopen at the earliest opportunity and resume delivering economic benefits to the landowners and community of Porgera and to PNG.”
Prime Minister Marape commented on the PPCA signing, “It was an important step for the SML 1 five percent owners, to give us the deed of release for us to move to the new Porgera discussions.”
He also revealed an important announcement around the mine reopening to take place on February 22.
Source: Postcourier.com.pg, Pngbusinessnews.com