Historic Moment At Porgera Mine! Prime Minister James Marape Pours First Gold

Historic Moment at Porgera Mine as Prime Minister James Marape Marks New Deal by Pouring First Gold

On February 23, 2024, a historic event unfolded in Papua New Guinea at Porgera Mine as Prime Minister James Marape poured the first gold, marking a monumental milestone in Papua New Guinea’s mining history. The occasion, witnessed by dignitaries and community members alike, signifies a new era of prosperity and opportunity for the nation.

(Picture: New Porgera Limited First Gold Pour)

The New Porgera Limited, with its 51% ownership by PNG and 49% by Barrick Ltd, promises significant positive impacts for the country's economy and its people. With a projected annual production of 500,000 ounces and gold prices averaging $2000 per ounce, PNG's equity stake is expected to yield a staggering US$510 million or K1.7 billion annually.

This landmark achievement brings forth a multitude of benefits for Papua New Guinea:

✅ Financial Independence

With majority ownership, PNG eliminates the need for project financing or borrowing, ensuring financial autonomy and sovereignty.

✅ Revenue Generation

PNG stands to benefit directly from gold sales, thereby avoiding debt and bolstering its financial stability.

✅ Employment Opportunities

A significant portion of the workforce, approximately 95%, comprises PNG citizens, providing employment and skill development opportunities for local communities.

✅ Fair Royalties

The agreement stipulates a defined royalty rate of 3%, ensuring a fair and equitable distribution of wealth generated from the project.

✅ Ownership Options

PNG retains the option to buy out Barrick's share after a 10-year period, further enhancing its control over the project and its benefits.

✅ Economic Growth

The New Porgera Limited's operations are poised to contribute significantly to PNG's economic growth and development, fostering prosperity and progress across the nation.

✅ Social Responsibility

The company has committed to community development initiatives and environmental responsibility, ensuring that the benefits of mining are shared responsibly and sustainably with local communities and the environment.

This ownership arrangement represents a momentous victory for Papua New Guinea, signaling a shift towards greater economic empowerment and self-determination. As we celebrate this achievement, let us remain steadfast in our commitment to safeguarding our country's future and ensuring that the benefits of our natural resources are maximized for the prosperity of all Papua New Guineans.