News
Kumul Minerals Sponsors PM’s Charity Golf Event and KMHL Madang Open
Kumul Minerals Holdings Limited (KMHL) is proud to sponsor the Kumul Minerals 4 Persons Charity Ambrose, held in Madang on August 23, 2024. This charity event, endorsed by the Prime Minister, Honorable James Marape, MP, aims to raise funds for medical assistance in Madang Province.
The event hosted 18 teams from across Papua New Guinea and took place in Madang. Additionally, Kumul Minerals is the naming sponsor of the KMHL Madang Open, scheduled for August 24-25, 2024. This two-day event will feature players from all over PNG. KMHL contributed K80,000 as a major sponsor towards the two events.
“KMHL is proud to host the charity event and the KMHL Madang Open. We are pleased to participate as a major sponsor to raise funds for improving health services in Madang Province. This is part of our commitment to corporate social responsibility, aiming to enhance the health and well-being of the people of Madang and neighboring provinces,” said KMHL Managing Director, Mr. Sarimu Kanu, during the opening of the charity event.
As the national mineral company, KMHL is dedicated to supporting communities and improving the livelihoods of the people of Papua New Guinea. KMHL’s vision is to be a world-class mineral resource company that delivers value to its shareholders, stakeholders, and the nation. Our mission is to develop and operate our mineral assets sustainably, responsibly, and profitably.
Kumul Minerals: Platinum Sponsor of the Geo-Science Conference 2024
Kumul Minerals Holdings Limited (KMHL), the National Minerals Company of Papua New Guinea, proudly serves as the Platinum Sponsor at the Geoscience, Exploration & Extraction (GEE) Conference 2024.
The GEE conference, held from August 7th to 9th at the APEC Haus in Port Moresby, brings together experts from the mining and petroleum industry in PNG and the wider region. The conference theme, “Research & Innovation in Geoscience, Exploration & Extractive for Sustainability,” is hosted by the Mineral Resources Authority (MRA) of PNG.
During the conference’s opening day, KMHL Managing Director Sarimu Kanu highlighted the company’s role as an independent commercial enterprise in the mineral sector. KMHL focuses on investments across the minerals value chain, including operational assets, prospective tenements, exploration strategies, critical minerals initiatives, and progress on the refinery feasibility study. Additionally, KMHL leads in environmental, social, and governance (ESG) practices within PNG.
Mr. Kanu emphasized KMHL’s readiness to participate in this dynamic period and expressed interest in collaborating with others to access critical minerals core and tailings.
“As the National Minerals Company, Kumul Minerals Holdings Limited is committed to sustainability,” Mr. Kanu stated. “We aim to develop PNG’s mineral projects with the highest standards of sustainable practices, maximizing value for the people of PNG while minimizing environmental impact.”
Kumul Minerals envisions becoming a world-class mineral resource company, delivering value to shareholders, stakeholders, and the nation. Their mission is to operate mineral assets sustainably and responsibly.
Ends
“Kumul Minerals Holdings Limited Charity Golf Event”
The “Kumul Minerals Holdings Limited Charity Golf Event” is an Annual Charity Event aimed at raising funds to support local health facilities in Madang.
Kumul Minerals Holdings Limited is pleased to participate and is happy to be the major sponsor for this event.
Should you wish to participate for a worthy cause contact the Golf President at these contact details Mobile: 7328 2639 | 7823 6482 or [email protected], or KMHL Media & Public Relations Manager – Sylvia Avitu on Mobile: 7895 3076 or [email protected].
Kumul Minerals Supports Mulitaka Disaster Relief Program.
Kumul Minerals Holding Limited has stepped in to assist the victims and communities
affected by the landslide disaster in the Maip Mulitaka LLG area.
The company has committed K1 million to the Enga Provincial Disaster Committee, providing
much-needed relief to the affected communities.
In a press conference, Kumul Minerals Managing Director Sarimu Kanu presented the K1
million cheque to Enga Governor, Honorable Sir Peter Ipatas.
“As PNG’s national minerals company, Kumul Minerals recognizes its responsibility to support
the Porgera Paiela District communities during this disaster. Properties were destroyed, and
people were displaced due to the landslides,” said Mr. Kanu.
Mr. Kanu said the K1 million was the commitment by KMHL, however Kumul Minerals was one
of the first on the ground with initial support with genset, fuel drums, transport and food worth
over K50,000.
Mr. Kanu expressed heartfelt condolences from the Chairman of KMHL, along with the Board,
Management, and Staff, to the affected families and communities.
KMHL aims to improve the livelihood of the people of PNG by supporting the communities, as
its mission is to operate minerals assets sustainably and responsibly.
Sarimu Kanu
Managing Director – Kumul Minerals Holdings Limited
Kumul Minerals Presents Dividend to State.
Kumul Minerals Holdings Limited (KMHL) is pleased to announce its final dividend payment for the
Financial Year 2023 to the State.
This payment was presented during the Company’s Annual General Meeting held on June 21, 2024.
The positive performance of Ok Tedi Mining Limited in 2023 has resulted in a total of K150.75 million
declared dividends payable to the State, out of which the final payment of K58.625 million dividend is
now being paid to the State. KMHL holds 67 percent shares in Ok Tedi Mining Limited.
Ok Tedi Mine continues to perform very well and is strategically driving operational efficiency and
excellence in all areas of the Mine.
During the first five months of 2024, the Mine continued to deliver strong cashflow with year-to-date
profits posting 60 percent above budget and is expecting a strong run to the end of the year. Therefore,
2024 is expected to be another good year for Ok Tedi Mining Limited.
KMHL remains committed to contributing to the country’s wealth through its investments. The company
continues to prosper in its core business, focusing on state-equity option projects, direct and indirect
investments, and its exploration portfolio.
This event underscores Kumul Minerals’ vision to be a world-class mineral resource company, delivering
value to shareholders, stakeholders, and the nation. Its mission is to operate mineral assets sustainably
and profitably.
Honorable William Duma, Minister for State-Owned Enterprises, received the cheque on behalf of the
government.
Sarimu Kanu
Managing Director – Kumul Minerals Holdings Limited
Kumul Minerals Takes the Lead on ESG in PNG
Port Moresby, Papua New Guinea – March 5, 2024. Kumul Minerals Holdings Limited (KMHL), the National Minerals Company of Papua New Guinea has announced that it will take the leading role on the introduction of sustainable mining practices in PNG. KMHL has engaged KPMG-PNG to assist in developing its Environmental, Social, and Governance (ESG) Framework, which will include disclosure of key performance metrics of its subsidiaries and setting targets for improving this performance.
As part of this initiative, KMHL hosted an ESG education session on 19th February which was attended by representatives from 14 organizations across the Government and its agencies, resources industry peers, financial institutions and environmental agencies. This session was followed by stakeholder interviews to gain an objective understanding of the environmental, social and governance concerns relevant to KMHL. The information gathered will then be used in the development of an ESG Policy and production of annual sustainability disclosures.
Sarimu Kanu, Managing Director of KMHL, expressed enthusiasm about KMHL’s role in promoting ESG within PNG. “Our objective is to establish a robust KMHL ESG Education and Sustainability Plan, potentially the first of its kind in PNG,” he stated.
“As the National Minerals Company, Kumul Minerals Holdings Limited takes pride in its commitment to sustainability and appreciates the active participation of all stakeholders. We have a real opportunity to ensure that PNG minerals projects are developed with the highest standards of sustainability practices, and so to capture the most value of PNG minerals for the people of PNG while at the same time having the lowest possible impact on the environment and affected communities.”
“Kumul Minerals’ vision is to be a world-class mineral resource company that delivers value to its shareholders, stakeholders, and the nation. KMHL’s mission is to develop and operate its mineral assets in a sustainable, responsible, and profitable manner.”
Porgera Gold Mine Restart: New SML Application Lodged
New Porgera Limited
Media Release
Porgera Gold Mine Restart: New SML Application Lodged
Port Moresby, 13th June 2023 – New Porgera Limited (NPL) is pleased to announce that it today filed an application with the Mineral Resources Authority (MRA) for a Special Mining Lease and supporting tenements for the Porgera gold mine.
Chairman of Kumul Minerals Holdings and Director of New Porgera Limited, Dr Ila Temu, hailed the lodgment of the application by NPL as a significant step towards the restart of the mine.
“The lodgment of the SML application is an important milestone for the reopening of the Porgera gold mine. This follows the approval and registration of the transfer of Exploration Licence No. 454 and SML 11 to New Porgera Limited and the subsequent surrender of SML11 and all ancillary tenements by NPL. The application will now be subject to the normal regulatory assessment process which will include the Minister for.Mining convening a Development Forum in accordance with the requirements of the Mining Act to canvas the views of stakeholders. New Porgera Limited will work cooperatively with the MRA and other State agencies to enable them to complete the regulatory assessment process as soon as possible.” Dr Temu said.
Barrick Gold President and Chief Executive Officer, Dr Mark Bristow, congratulated NPL on reaching this key milestone towards the mine’s restart.
“The lodgment of the SML application is a big step forward on BNL’s journey with the State to reopen the mine as true partners. The parties are now focused on satisfying the remaining conditions under the New Porgera Commencement Agreement. In parallel, and in our role as operator of New Porgera, BNL is undertaking certain preparatory work on the processing plant with the support of the MRA and is building a committed team, the majority of whom will be Papua New Guineans,. We are moving ever closer to enabling the people of the Porgera Valley to finally see the ‘white smoke’ they have been waiting for”, Bristow said.
About NPL
The applicant for the new SML, New Porgera Limited, is a company owned jointly by Kumul Mineral Holdings Limited (which holds the equity on behalf of the State), Barrick Niugini Limited and Mineral Resources Enga Limited, with a further 10% of the equity reserved for PNG stakeholders. Over the life of mine, PNG shareholders will receive 53% of Porgera’s overall economic benefits. BNL will receive the remaining 47%. The proportion of equity and economic benefits that belong to the landowners is a first in PNG’s agreements with international investors.
LODGEMENT OF SPECIAL MINING LEASE APPLICATION
MEDIA STATEMENT
PORGERA GOLD MINE
LODGEMENT OF SPECIAL MINING LEASE APPLICATION
HON.SIR ANO PALA KBE CMG ISO, MP
Minister for Mining
13th June 2023
I am very delighted to be here, at the invitation of the New Porgera Limited, to witness another significant achievement on our progressive milestone calendar, which brings us closer to the re-opening of Porgera gold mine.
The occasion today, is the official lodgement of the Special Mining Lease (SML) Application, SML 1 lA and associated Proposal for Development.
This occasion marks a very special and important step in the regulatory process of reviving the Old Porgera Mine under the new Por.iera Project Commencement
Agreement or PPCA.
Under the PPCA, it was agreed that the underlying EL454 held by Barrick Niugini Limited (BNL) & Mineral Resources Enga (MRE) had to be transferred to New Porgera Limited, (NPL). Thence, the transfer of SML 11 from Kumul Minerals Holdings Limited (K1v1HL) to NPL. These tenements were successfully transferred to NPL on 22 May 2023.
Last Friday, 9th of June 2023, the Board of Directors for NPL opted to surrender SML 11 and apply for a new SML. As a consequence, NPL is submitting its application for a new SML today.
Ever since the closure of old Porgera mine three years ago, after the State refused the extension application by Porgera Joint Venture (PJV), there were insurmountable disagreements and legal battles.
However, under the leadership and guidance of the Prime Minister, Hon. James Marape, he garnered the support of various parties to enter into negotiations. After lengthy renegotiations, the parties agreed to shelve all legal proceedings and agree to a re-commencement pathway, by way of signing various agreements.
This occasion would not be possible, without first, the parties in this new Porgera arrangement, enter into a binding agreement called the Porgera Project Commencement Agreement. The PPCA chartered the way forward for the new Porgera arrangement.
May I take this opportunity, to thank the parties involved in the PPCA which include; Barrick Niugini Ltd, Zijin Mining Group, the Landowners, Kumul Minerals Holdings Limited, New Porgera Limited and the State, for burying your differences and putting your heads together to arrive at this occasion, which will see the beginning of a new era at the Porgera Gold Mine.
This occasion, the lodgement of the new Porgera SML application and the supporting tenements applications, commences the permitting process for which I now, ask my regulator, the Mineral Resources Authority (MRA) to fast track this process so that within the next three months we can see the new Porgera mine up and running, to bring in the much-needed services and benefits to the concerned parties and the affected people.
I reiterate the importance of this project to the State and the intent of the Government in seeing this Porgera Gold Mine start producing gold again as soon as possible.
Once again thank you all that have made this occasion possible. My profound gratitude to Board, Management and Shareholders of Barrick Niugini Ltd and your partners Zijin Mining Group, thank you Kumul Minerals Holdings Ltd and thank you New Porgera Limited.
On behalf of the Government, I would also take this opportunity to thank those behind the scenes that contributed immensely towards making this occasion became a reality; thank you Attorney General, the State Solicitor, the State Negotiation Team and thank you the regulators, the MRA and DMPGM.
Thank you all and you all have a blessed day.
Cheque Presentation Ceremony by Kumul Minerals Holdings Limited and PNG Kidney Foundation,
Wednesday 22 February 2023
Kumul Minerals Holdings Limited (Kumul Minerals) today presented a cheque for One Million Kina to the PNG Kidney Foundation (Kidney Foundation) today.
This represents the first tranche of the K3 million sponsorship package by Kumul Minerals as agreed under the Charity Partnership Agreement as signed recently on the 22 December 2022.
Professor Kaul Gena, Director of Kumul Minerals on behalf of the Board and Management of Kumul Minerals presented the cheque to Sir Martin Poh, Chairman of PNG Kidney Foundation
Professor Gena says that Kumul Minerals as a state-owned company under its government-approved Community and Social Obligations charter is obliged to fund projects that have the potential to impact and improve the lives of our people.
Professor Gena says that Kumul Minerals recognizes that chronic kidney failure is a lifestyle disease which has and will continue to threaten the lives of every Papua New Guinean citizen. Statistics show already that chronic kidney failure among PNG citizens is increasing rapidly around the country and is rated as a major contributor to fatalities annually in the country. It is an economic cost to the country as working citizens are affected and, at times, may not be able to continue working and contributing as fully functional individuals.
Kumul Minerals recognized that PNG Kidney Foundation is leading the drive to effectively deal with chronic kidney diseases in the country. We also appreciate that the Foundation needs funds to provide dialysis and related service to our people. As PNGKF Brand Partner, Kumul Minerals is ready to support the Foundation as and when we can. And we begin today with this presentation of K1 million.
