New Porgera Limited (NPL)

The State and NPL also executed the Fiscal Stability Agreement for the New Porgera project.  
 
Barrick Gold President and Chief Executive Officer, Mark Bristow congratulated the parties on achieving these major milestones which bring the mine significantly closer to restart.

In a statement to the media, NPL states that the benefit sharing terms agreed between the State, Barrick Niugini Limited (BNL), Kumul Mineral Holdings Limited (KMHL) and Mineral Resources Enga Limited (MRE) to restart the mine ensures a transparent and fair distribution of the overall economic benefits that will be generated by Porgera over its 20-year mine life.  

Dr. Temu was nominated as a director of NPL by Kumul Minerals Holdings Limited which holds the State’s interest in New Porgera.  

Dr. Temu’s appointment was confirmed at a meeting of the NPL shareholders held on 8 May 2023.  
He has over 25 years of experience in the mining industry and is a widely respected figure in Papua New Guinea’s business community. 
 
New Porgera Limited is owned 49 percent by Barrick Niugini shareholders and 51 percent by PNG stakeholders.