High price of govt shutting Porgera

THE closure of the Porgera mine has affected 200 local contractors, with an estimated total loss so far of nearly K200 million, according to the Porgera Chamber of Commerce and Industry.
High price of govt shutting Porgera High price of govt shutting Porgera High price of govt shutting Porgera High price of govt shutting Porgera High price of govt shutting Porgera

Open pit crew members show there Porgera retrenchment notices

Staff Reporter

Chamber president Nickson Pakea said 176 contractors and 24 subcontractors connected to the Porgera joint venture were members of the chamber.
 
Pakea said the businesses lost K144 million in projected income in the past two years, or close to K200 million if including this year.
 
More than two years ago, James Marape's government refused to renew the special mining licence held by Barrick Niugini, leading to thousands of jobs lost, poverty and violence in the Porgera region.
 
The Government made available K100 million under the Porgera business development plan, and another K200 million recently.
 
The amounts have not reached the business community, he said.
 
"We currently don't have any reserve capital for the businesses to tap into," he said.
 
"These businesses provide employment and income opportunities to locals and alleviates poverty."
 
Meanwhile, an agreement was signed by Barrick Niugini Limited and the Government in April to initiate the reopening of the mine.
 
Kumul Minerals Holdings, the Enga government and landowners own 51% of the mine. Barrick Niugin (47.5%) and Mineral Resources Enga hold the remainder.

 

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