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April 20, 2021
News Papua New Guinea

Nasfund Commends Government on Porgera Mine Development

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National Superannuation Fund (Nasfund) has welcomed the announcement by Government of the impending reopening of the Porgera Gold Mine in Enga Province.

This comes after, Prime Minister, James Marape made an announcement on Sunday (April 7) clarifying the process of the state’s re-negotiations with former mine operator Barrick Niugini Ltd.

PM Marape also announced that the government is ready to sign an official agreement that will see recommencement of operations at the mine, under the SML granted to state-owned Kumul Minerals Holding’s Limited, with former mine operator Barrick Niugini Limited to be part of the new-look operations.

In acknowledging this development, Nasfund CEO Ian Tarutia, says the Government’s decision to work together with former Porgera mine developer Barrick Niugini Limited is one that bodes well for the future of the mine, and its employees.

Nasfund CEO, Ian Tarutia.

Following the closure of Porgera in April 2020, many direct employees and contractors have been hard hit, with the Fund playing our part in providing relief through unemployment benefit payments for eligible members.

Whilst we continue to support our members through our service offering, we also remind our members that superannuation should only be utilized when you retire, not whilst you are still within the age of active employment.

Especially against the backdrop of limited high impact economic activity, this announcement by Government is welcome, as it will boost investor confidence in PNG’s economy, but more importantly provide jobs for many, most of whom are our members.

As the superannuation fund serving the majority of employers, employees and contractors in Porgera, we are pleased that steps are being taken to restart the mine operations.

Tarutia said, Nasfund looks forward to welcoming back its contributing members when Porgera mine restarts its operations.

Nasfund stands ready to partner with you to ensure you are ready for retirement.

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