New Porgera Ltd

This is subject to several good outcomes and also the Highlands Highway continues to remain open and no further vandalism of project infrastructure. 

Following completion under the Porgera Project Commencement Agreement (PPCA) on 22 December 2023, the NPL team has stepped up and delivered outstandingly towards getting back into full production in Q3 as required by the PPCA.  The critical path to full production is re-standing or replacing relevant towers along the Hides Transmission Line.

With Barrick Niugini spending four million US dollars a week to keep the Porgera running, it is looking to restart the mine at the earliest.

The reopening will mean the start of the flow of benefits in both royalties and spin-offs to landowners of the Porgera Valley.

Barrick CEO Mark Bristow is keen to get the compensation agreements done quickly so work can progress immediately.

And he says to fast-track the process, he is open to adopting the compensation arrangements of the old Porgera with additions to reflect the new changes.

The agreements signed between the State and New Porgera Ltd include the Mining Development Contract, Special Mining Lease 13, Fiscal Stability Agreement, and Escrow Arrangement for landowners.

Prime Minister James Marape has hailed the signing as a "giant leap" towards the reopening of Porgera gold mine.

The mine is expected to commence operations before the end of the year, with full production anticipated within six months, contingent upon the finalisation of compensation agreements for landowners.