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Port Moresby
May 25, 2022
Featured News News Bulletin

PNG Losing Gold Revenue

Gold Prices on the World Market has increased to about 7,000 kina per troy ounce today.

But the opposition says Papua New Guinea is missing out on the potential revenue because of the closure of the Porgera Gold Mine.

The issue on the delay in reopening the Porgera Mine has surfaced again with the Leader of the Opposition pointing out predictions that Gold Export Prices will continue to increase.

On the World Market today, an export of gold per troy ounce is trading at $US 1,956.30 or about K7, 000.

The increase reflects the demand for gold on the international market following the pickup in economic activities after many economies were on lock-down due to the Corona Virus pandemic.

The discussions on the future of the Porgera Gold Mine has continued for over three months now, with the National Court in Port Moresby ordering a mediation for all parties involved to find a way forward.

Much has been said on the court case, the legacy issues and Barrick laying off close to 3000 employees and 200 local contractors due to the non-renewal of the Special Mining Lease following its expiry.

However the Marape-led government says unless Barrick agrees to changes in revenue percentages set by the government, it will not consider Barrick a partner in the development of Porgera.

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