Mineral Resources Enga Signs Porgera Shareholders Agreement

By: PNG Business News August 19, 2022

Photo: Porgera landowner leader Nixon Mangape (left) and Enga Governor Hon. Sir Peter Ipatas signing the shareholder agreement.

The Shareholders Agreement has finally been approved in Port Moresby by Mineral Resources Enga and the Landowners of the Porgera Gold Mine in Enga Province.

Nixon Mangape, director of Mineral Resources Enga (MRE), stated that although MRE had been expected to approve the shareholder's agreement four to five months prior, there were still certain concerns that needed to be resolved.

The equity, resettlement date deadline, commencement date, and security deed deadlines, which weren't included in the agreement until recently, were the three main issues, according to Mr. Mangape, that contributed to the delay in signing the shareholder's agreement. However, they have now reached an agreement and done so in response to the national interest.

“I am appealing to the Prime Minister that the first agenda we must discuss during the development forum is the resettlement of the people because the mine is located in a village and we must discuss on how we can move the landowners out of the mine area,” Mr Mangape said.

In a statement, the Enga Provincial Government-owned Mineral Resources Enga (MRE) and landowners signed a shareholder agreement for the Porgera Gold Mine, which was applauded by Prime Minister James Marape.

According to Mr. Marape, it represents a significant development toward the reopening of the Porgera mine, which has been shut down since 2019.

“The long-overdue reopening of the Porgera Gold Mine is finally in sight following yesterday’s milestone achievement,” Mr Marape said.

“I thank Enga Provincial Government, particularly Governor Sir Peter Ipatas, and Porgera landowners, led by their leader Nixon Mangape for making this possible.

The agreement paves the way for the Development Forum and progression towards mine reopening at the earliest.”

The Shareholders Agreement was signed by Mineral Resource Enga (MRE), which was welcomed by Barrick Niugini Limited. In the upcoming days, Barrick Niugini Limited will issue a media statement with more information about the Porgera Mine restart.


Reference: Kamus, Maxine. Post-Courier (19 August 2022). “MRE Signs Off On Porgera Mine Shareholders Deal”. 

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