KMHL to present audit

AN audit will soon be made to find out how much the State owes Barrick Niugini Limited up to June 3, according to Kumul Minerals Holdings Limited (KMHL) .
KMHL looks after the State’s interests in the mining sector.
KMHL managing director Sarimu Kanu on Friday said that New Porgera Limited had carried the Porgera gold mine’s costs of operation as at June 3.
“Porgera (mine) is doing well. We are running ahead of target. We achieved commencement date on June 3, which means our loans to Barrick ceased at that time.
“New Porgera Limited has carried the costs of operation as of June 3 onwards. We owe Barrick the start-up and care and maintenance costs.
“Kumul Minerals will take care of those costs but not the full 51 per cent (stake in the mine). We will be auditing the number that the State owes to Barrick up to June 3.”
Kumul Minerals on Friday paid its final dividend to the State for the last financial year.
State Enterprises Minister William Duma received the K58. 6 million cheque following the company’s annual general meeting on Friday.
The final cheque brought the total to K150 million dividend paid to the State by the company for 2023.
Company board chairman Dr Ila Temu explained that these were from Kumul Minerals 67 per cent share in the Western based Ok Tedi Mining Limited (OTML).
He said the company received K300 million from OTML.
Under an arrangement, he said company kept 50 per cent (K150 mil) for its operations and the balance (K150 mil) was paid to the state.
Kanu said Kumul Minerals had investments in other minerals projects such as the proposed Wafi Golpu copper and gold and Frieda River project.
He also said the company had invested in a downstream business with the Ramu NiCo mine in Madang amongst other consolidated projects nationwide.