8 April 2021

Nasfund has welcomed the announcement by Government of the impending reopening of the Porgera Gold Mine in Enga Province.

In an announcement on Sunday April 7, 2020, Prime Minister James Marape stated that operations would soon recommence, under the SML granted to Kumul Minerals, with former mine operator Barrick Niugini Ltd to be a part of the new-look operations at Porgera, with an agreement to formalize this, expected to be signed soon.

In acknowledging this development, Nasfund CEO Ian Tarutia, says the decision by Government to work together with former Porgera 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.

We look forward to welcoming back our contributing members when Porgera restarts operations.

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

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