K92 Mining Ltd., operator of the Kainantu Gold Mine in Eastern Highlands Province, has paid PGK161 million (USD43.5 million) in corporate tax to Papua New Guinea’s Internal Revenue Commission (IRC), reinforcing its commitment to national economic development.
The payment, made on 25 July, is the company’s largest single corporate tax contribution this year and reflects the strong operational performance of the Kainantu mine. Since the beginning of 2025, K92 has made three corporate tax payments totalling PGK300 million (USD81 million).
“In light of our strong financial results, K92 has revised its 2025 corporate tax forecast to PGK378 million (USD102 million), up from the previous estimate of PGK274 million (USD73.9 million),” the company said. “In addition, PGK48 million (USD13 million) in corporate tax was paid in March 2025 as an additional tax payment, driven by record production in Q4 2024.”
Over the past five years, K92 has paid more than PGK597 million (USD161.2 million) in corporate tax, positioning it among PNG’s leading taxpayers in the mining sector.
Chief Executive Officer John Lewins described the latest payment as a milestone for the company.
“The PGK161 million corporate tax payment made in July marks a significant milestone for K92 and underscores our strong commitment to the economic prosperity and development of Papua New Guinea through responsible resource development,” Lewins said.
“With PGK300 million paid in corporate tax so far this year, we are proud to be a major contributor to the country’s economic strength. As commissioning of our new process plant progresses and expansion activities continue, we are well positioned to deliver sustained and growing benefits to PNG and our local communities.”
The company’s Stage 3 and Stage 4 expansion projects are expected to transform the Kainantu mine into a Tier-1, mid-tier gold producer, with projected corporate tax contributions exceeding PGK10 billion (USD2.7 billion) over the next 13 years.
Commissioning of the 1.2 million tonnes-per-annum Stage 3 process plant began in June and is on track to become fully operational by the fourth quarter.
In a related development, K92 announced that all resolutions at its 2025 Annual General Meeting (AGM) were passed with strong shareholder support. The meeting, held on 10 June both virtually and in person, saw 66.83% of issued shares voted.
All six director nominees were re-elected, including CEO John D. Lewins (99.96%). Other re-elected directors were Mark Eaton (97.81%), Anne E. Giardini (99.86%), Saurabh Handa (99.56%), Cyndi Laval (99.97%) and Nan Lee (99.98%).
Shareholders also approved setting the number of directors at six (99.85%), the reappointment of PricewaterhouseCoopers LLP as auditors (98.79%), and an advisory resolution on executive compensation (95.31%).
The results reflect continued shareholder confidence in the company’s governance and leadership.
K92 is advancing expansion plans at its high-grade Kainantu mine, aimed at boosting long-term production capacity and delivering sustainable economic benefits. The company also reaffirmed its commitment to delivering long-term positive impacts through responsible mining practices and continuous engagement with national and local stakeholders.
With reports from Roselyn Erehe
