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5% equity from K92 Mine to be shared

A five percent equity interest in the K92 Mine in the Eastern Highlands will be transferred to the Bilimoia Landowners, Associated Landowners and the Provincial Government by developer K92 Mining Incorporated.

This is one of several separate benefit packages apart from the K92 Mine revised Memorandum of Agreement (MoA) concluded on Friday.

Parties to the K92 Mining Project settled the second review of the project’s MOA on a high note, agreeing in principle to the various commitments.

The K92 Mine MoA review discussions in Kokopo, East New Britain included Royalty distribution, Special Support Grants, Infrastructure development, Business Development and Training & Employment, amongst others.

From these discussions, a number of separate benefits packages were announced. They include:

  1. The transfer of five percent equity interest of the project, to the Bilimoia Landowners, Associated Landowners and Provincial Government, by the developer K92 Mining Inc.

  2. K1 million community projects development funding from K92 Mine Inc,

  3. K100, 000 funding for Kainantu Women In Mining by the Eastern Highlands Provincial Government which was announced by the Governor of the province Hon Peter Numu.

  4. K1 million for tender of the maintenance of the Konkua – Biliomoia road

  5. State commitment to upgrade and seal the Konkua to Bilimoia 2 village.

Following the review the State, K92 Mining Limited and the Provincial Government will conduct consultations with the BLA to discuss the Business Development Plan, Employment and Training Plan and the Future Generation Trust Funds.

The revised MoA will then go through approvals from various departments on the State’s commitments, followed by a legal clearance from the Office of the State Solicitor, and approval by the National Executive Council (NEC).

Following this, the revised MoA will be implemented.

The parties have acknowledged that the agreement reached in the MoA, and the commitments of the separate benefits packages promote good-will and a harmonious working spirit amongst everyone.

Meanwhile, the current BLA executives were not present at the MoA review due to a pending court matter. However, representatives from the 10 clans within the Mining Lease 150 were present.

Source: http://www.looppng.com/business/5-equity-k92-mine-be-shared-93581

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