Prime Minister Hon. James Marape on behalf of the government, has received K287,373,637.00 from K92 Mining Limited, marking the first tax installment payment for 2026.
The Prime Minister stated that there is a positive story emerging from the Kainantu Mine; since the Mining Lease (SML) was activated, the company has ramped up operations in the mining sector.
He noted that although they have operated quietly, these significant payments are now coming through.
“This is a continued round of payments as far as corporate tax is concerned. The company has not yet declared a dividend to its shareholders, but it has proven to be a good corporate citizen that continues to contribute, and this is well noted,” said the Prime Minister.
He conveyed his appreciation to K92 Chief Executive Officer and Director John Lewins, as well as the shareholders and the board, stating that the government looks forward to continued cooperation with them.
Prime Minister Marape also mentioned that the company has a Tax Credit Facility available for the areas where they operate.
“By policy, we have designated 1.5% to the project area precinct, 1% to the rest of the country, and 0.5% for the Autonomous Region of Bougainville,” he said.
The Prime Minister added that K92 Mine has indicated its intent to support infrastructure at the University of Goroka and other key infrastructure projects in Eastern Highlands Province.
“We acknowledge this focus and thank K92 Mine, the mining sector, and the PNG Chamber of Resources and Energy,” Prime Minister Marape said.
He further informed stakeholders that the government acts as a regulator. It is also active in the mining and petroleum space through the equities it holds.
Prime Minister Marape has also tasked Chief Secretary Ivan Pomaleu to work with the resource sector to address concerns regarding fuel shortages that could impact their operations.
Chief Secretary Ivan Pomaleu confirmed that he has scheduled meetings with stakeholders to address these fuel shortage concerns, noting that more information and a roadmap for the way forward will be discussed next week.