• PNG Business News

KMHL ready to talk

Kumul Minerals Holdings Ltd (KMHL) wants to engage Barrick Niugini Ltd (BNL) in an interim arrangement to restart the Porgera gold mine, says chairman and acting managing director Peter Graham.

Graham said that they would also negotiate on a longer term deal, including having BNL as an equity participant and operator.

“Kumul Minerals Holdings Limited has been granted a new special mining lease (SML) for Porgera,” Graham said.

“Kumul Minerals has offered discussions with Barrick to explore options going forward. “(We) will respect the decision of the National Court, and we recognise that agreements must be reached with a number of stakeholders.

“Our proposal is to engage with Barrick on the possibility of interim arrangements to restart the mine quickly while negotiating arrangements for the longer term, including Barrick Niugini Limited as an equity participant and operator.”

Graham said he was concerned about the negative impacts relating to the suspension of the mine.

“I am concerned about the financial and social impacts of the mine closure on ex-employees and their families, SML landowners and the Porgera valley communities, Porgera Joint Venture, local businesses, and the national economy.

“My hope is that we can engage quickly and find a way forward.”

On the court’s decision yesterday, Graham said: “While it is Barrick’s prerogative to exhaust all legal avenues, my hope is that today’s (yesterday’s) (court) decision provides some encouragement to engage with Kumul Minerals on a way forward.”

Source: https://www.thenational.com.pg/kmhl-ready-to-talk/

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