Good day to you all

I made the following statement this afternoon

Marape Closure of Porgera Mine has cost PNG K26 Billion

The 2024 Mid-year Economic and Fiscal Outlook delivered this week by Government tells a sad story of our nation crippled by debt and suffering badly under the economic interference of Marape.

There are perhaps many reasons why the MYEFO was not provided to the public in July or August as required by law and instead lumped in just ahead of the Budget but none more striking than the full
impact the closure of Porgera is having on the economy.

The MYEFO reports GDP will be down 0.7% in large part due to the lack of production at Porgera.

In April 2020 Marape closed Porgera down citing he was going to take back the mine into 100% PNG hands. A few short days later he had to go back on this and instead was negotiating to secure a new deal of part ownership.

In his own words, on the 28th April 2020, James Marape released the following statement:

THE WORLD WILL NOT END IF PORGERA MINE CLOSES; SAYS PM JAMES MARAPE.

“To all PNGeans bear with me. We can endure short term pain for long term gain.

Don’t be cry babies and pessimist because the world will not end if Pogera closes.” (Marape, April 28, 2020)

We are now in late 2024, almost five (5) full years of production lost to the Marape mistake to close Porgera.

In 2019, the last full year of Porgera production, the mine yielded 599,700 ounces of gold.

A simple calculation of an estimated annual production multiplied by the average gold price per ounce reveals the massive Marape mistake.

A massive twenty-six billion (PGK26 billion) has been lost during the years 2020 to 2024.

Negotiations are yet to conclude with landowners and other beneficiaries, and it now seems obvious these groups will hold government responsible for the lost revenues and demand a better deal from
the Marape government for the four plus years of lost opportunity.

The lost jobs; the lost contracts to SMEs and lost royalties not to mention the huge impact the closure of the mine has had on law and order are all in addition to the K26 billion in total lost production values.

There are 26 billion reasons Papua New Guineans; Engans; domestic and foreign investors have lost complete confidence in this Marape led government.
What a disgrace.

It is time to put PNG back on track and get back to the work of nation building. Enough time and money wasted on Marape mistake after mistake.

Marape was wrong to close the mine. Wrong to call the Engan people cry babies and wrong to continue in his role as Prime Minister.

PO.