K92 Mining Ltd spends over K325mil in Kainantu Gold Mine operations in PNG
K92 Mining Ltd in Papua New Guinea has spent more than K325 million in refurbishing the Kainantu gold mine, restoring and expanding its operation since it acquired it from Barrick in 2015.
Company chief executive John Lewins said in 2019, they paid more than K14 million in taxes, customs duty and levies.
“This is expected to increase to over K30 million in 2020 and approximately K100 million in 2021 as production ramps up,” he said.
Since 2015, K92 has created more than 900 jobs directly, or for contractors on site, with 60-plus per cent for local communities and 95 per cent for nationals.
“Since the beginning of 2018, K92 paid K60 million in wages to PNG employees, including K22 million to employees from communities, paid almost K40 million in taxes and duties, over K13 million in royalties and K10 million in superannuation contributions for employees.
“During this period, the company also paid over K35 million to businesses owned by landowners or in joint venture with landowners.”
This year, the company expects to pay more than K40 million in wages to PNG employees, K6 million in superannuation, K30 million in tax, K11 million in royalties, K3.5 million in MRA levies, K30 million to landowner businesses and joint ventures, and K5 million in community infrastructure, compensation, education, support and training.
The company also committed K1.5 million to its Covid-19 fund to assist the Government, Eastern Highlands and Morobe.
“K92 is also one of the most active explorers in Papua New Guinea, having spent K25 million in 2019, with a similar budget for 2020.”