K110mil Lost Due to Porgera Closure

By: PNG Business News June 27, 2022

Photo: Porgera Mine

Local contractors of Porgera Joint Venture (PJV) and others benefitting from the Porgera mine lost around K110 million since the mine closed two years ago, an official says.

According to Nickson Pakea, head of the Porgera Chamber of Commerce and Industry, there were about 700 small-to-medium-sized businesses (SMEs) and 176 contractors affected.

“Most of the contractors went through difficult situations (when) banks recouped (vehicles) on lease or loan,” he said.

Pakea requested "relief funding to salvage the business losses" from the government. The K100 million Business Development Grant announced by the government should be given as emergency support to SMEs affected by the mining closure, he added.

“We want the State to set aside this funding for SMEs.

“We also appeal to the Mineral Resource Enga to sign the (outstanding) shareholding agreement (to allow the reopening of the mine) as soon as possible.”

Contractors, mine workers, and residents of the Porgera Paiela, according to Pakea, required help.


Reference: The National (14 June 2022). “K110mil lost after closure”.

Related Articles

Recent Articles

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue

See Our Latest Issue