Barrick (Niugini) Limited (BNL) and the Internal Revenue Commission of Papua New Guinea (IRC) are pleased to announce that BNL, Barrick Gold Corporation, and the IRC have settled all disputes and issues relating to old Porgera tax matters on terms satisfactory to the parties. Although BNL and Barrick had the option of appealing the objection assessment...

Photo: Porgera gold mine in PNG's Enga Province (Barrick) The PNG Chamber of Mines and Petroleum (“the Chamber”) congratulates the Internal Revenue Commission (IRC) and Barrick (Niugini) Limited (BNL) on settling all disputes and issues relating to old Porgera tax matters. This follows the announcement of a Deed of Settlement earlier this week, sign...

Photo: Operations continue at the OTML Mine. Ok Tedi Mining Limited (OTML) brings 100% of its sales revenue into the country and provides an average of more than US$600 Million in foreign currency annually into the Papua New Guinea market. This year, the Company has already provided US$272 Million into the PNG market as at June 20th. In 2022, OTML s...

Photo: Panguna Mine The Autonomous Bougainville Government will not allow foreign investors on Bougainville to breach its laws to exploit its people and resources. Bougainville President Ishmael Toroama made this statement following the Bougainville Executive Council’s decision to refuse the mineral license applications by joint-venture entities inv...

PNGX, Papua New Guinea’s national stock exchange, welcomes the statement by Hon. Richard Maru OBE, MP, Minister For International Investment and Trade on 14 June 2023. Newcrest is an important listing on PNGX, representing the company’s commitment to the country from which it extracts significant resources. PNGX would welcome a continued listing of the...

Photo: Porgera Mine New Porgera Limited (NPL) is pleased to announce that it recently filed an application with the Mineral Resources Authority (MRA) for a Special Mining Lease and supporting tenements for the Porgera gold mine. Chairman of Kumul Minerals Holdings and Director of New Porgera Limited, Dr IIa Temu, hailed the lodgment of the applicati...

Parties to the K92 Mining project Memorandum of Agreement (MoA), successfully concluded a two-days consultative meeting in Goroka on May 31-June 1, creating a pathway towards finalizing the MoA that was initialed in 2020 in Kokopo, East New Britain Province.  The parties are the State, the Eastern Highlands Provincial Government (EHPG), the Agarabi Rur...

Photo: PNG Government Secures 60 Percent in Wafi-Golpu Mine Project, PM Marape announces The Papua New Guinea Government has finally settled on the total benefit sharing at over 60 per cent from the Wafi-Golpu project. Prime Minister James Marape, in addressing the Morobe Tutumang in Lae, said the total benefits sharing included taxes, equity, royal...

Photo: Lihir Gold Mine. Photo Credit: Newcrest Mining Limited Website The recently announced acquisition deal between Newmont (NYSE: NEM, TSX NGT) and Newcrest Mining Limited (ASX, TSX, PNGX: NCM) on May 14, 2023, is set to have a significant impact on Papua New Guinea (PNG). The deal involves Newmont acquiring 100% of the issued shares in Newcrest by ...

Photo: (L-R) President Anthony Smaré – PNG Chamber of Mines and Petroleum, Paul Hueper – Director of Energy and Mineral Programs for the Bureau of Energy Resources, US Department of State with his colleagues on the right, and MRA’s Managing Director Jerry Garry (centre) at the Prospectors & Developers Association of Canada (PDAC) in Toronto, Canada ea...

Photo credit: NIT Field research and investigations will begin next week as part of the work being done under the Panguna Mine Legacy Impact Assessment. The field research will be carried out across mine-impacted areas and will involve identifying and assessing any environmental impacts of the Panguna Mine since mining was stopped in 1989, and the s...

Photo: Bryan Slusarchuk. Credit: Bryan Slusarchuk LinkedIn Page Fosterville South Exploration Ltd (FSX) has recently announced its agreement to acquire a significant 2166 sq. km mineral exploration land package in Papua New Guinea (PNG) from Wild Dog Resources Inc (WDR), a privately held company. This package includes multiple exploration licenses (EL)...

Photo: Porgera Mine Kumul Mineral Holdings Limited (KMHL), Barrick Niugini Limited (BNL), and the New Porgera Limited (NPL) signing two crucial documents on Friday marks a significant step towards reopening the Porgera mine. The Porgera mine, located in Enga Province of Papua New Guinea, was closed down in April 2020 after the government refused to ext...

Photo: Minister for Mining Hon Ano Pala (right) awarding the certificate of long service to Mr. Carter Oiee (left) while acting MD Mr. Jerry Garry looks on (back)The Mineral Resources Authority (MRA) on Friday April 14th, celebrated its 15 years of operations in Port Moresby.  The occasion was graced by the presence of the Prime Minister Honourable Jam...

Photo credit: MRA Mineral Resources Authority (MRA) managing director, Jerry Garry, has emphasized the importance of exploration in ensuring the future of Papua New Guinea's mining industry. Speaking at the agency's 15th-anniversary celebration in Port Moresby, Garry highlighted the vital role that exploration plays in the development of mines. "If ...

Photo: Aerial view of the Porgera gold mine. Credit: Zijin Mining In recent years Papua New Guinea has been ranked as one of the most natural resource-dependent economies in the world and has been seen as an example of the cruel ironies that often go simultaneously with big extractive industries which are supposed to lead to the development and lead pe...