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Port Moresby
August 6, 2021
News

First Ever Trust Fund Account for Porgera Landowners

By Vasinatta Yama – EM TV, Port Moresby

A first ever resource-based trust fund has been set up to provide a sustainable future for Porgera landowners in the Enga Province. The trust fund is initiative of Barrick Niugini Limited.

The fund will accept contributions on behalf of all landowners receiving compensation from the mining and petroleum projects.

The trust fund is available to all mining and petroleum sectors in PNG, to contribute on behalf of the landowners.

One hundred and eighty eligible landowners have received their investment certificates, and fund identification cards.

The main focus in setting up the fund was to secure landowners investments, before the closure of Barrick Limited.

Barrick’s Commercial Services Manager, Christopher Trainor, said the trust fund was set up to assist Porgera landowners, who are recipients of relocation packages.

It will give them the opportunity to invest and receive allowance based on a fixed quarterly return.

Payments to the landowners are tax free; however, a 30 per cent tax will be given to the profits made from other investments.

https://youtube.com/watch?v=gniIWmMCFQY%3Ffeature%3Doembed%26wmode%3Dopaque%26showinfo%3D0%26showsearch%3D0%26rel%3D0

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