Barrick hits back PNG Treasurer over tax allegations
Barrick Niugini (BNL), which operates the Porgera joint venture mine in Papua New Guinea, has dismissed statements by the country’s Treasurer Ian Ling-Stuckey about the company’s tax payments.
“BNL disagrees with the premise of the calculations used by the Treasurer in making his assertions regarding ‘missing’ financial benefits for Papua New Guinea through the operation of the Porgera mine, and particularly with respect to company tax payments,” the company said in a statement on November 29.
BNL stated that it administered its financial affairs, including the calculation of its tax obligations, in accordance with the laws of Papua New Guinea.
Further, the company rejected any suggestion that 2019 tax payments had been manipulated to coincide with the timing of processes relating to BNL’s application to extend the Porgera special mining lease (SML).
The SML of Porgera, which BNL operates on behalf of Barrick and JV partner Zijin Mining, lapsed when Prime Minister James Marape refused to extend it in April. Barrick CEO Mark Bristow and Marape in October agreed that BNL would be allowed to remain as operator, although a fuller resolution of the dispute had not been reached yet.
BNL pointed to a statement by the Treasurer in March, when the company’s advance payment of taxes was welcomed as a way of helping the government’s fiscal situation.
BNL noted that it had lodged its application to extend the Porgera SML in June 2017 – two years before the end of the 2019 tax year.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation