"Barrick says PNG govt's refusal of lease extension will be costly", 28 April 2020

The multi national miner at Porgera in Papua New Guinea, Barrick, said the government's refusal to extend its Special Mining Lease will have far reaching effects.

The company, in a statement, said it would cause significant harm to the local, provincial and national economies.

It claimed the refusal and nationalisation of the Porgera mine assets presented enormous financial and reputational risks for local communities and businesses, the regional economy and the country as a whole.

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It said the suspension was likely be extremely costly, compounding PNG's national debt challenges, and potentially resulting in the permanent loss of the mine.

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On Friday the PNG government said it has carefully considered the issue and decided it was "in the best interests of the State, especially in lieu of the environmental damages claims and resettlement issues", that the lease not be renewed.

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