Papua New Guinea
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K92 boss: Over K69.9m paid in salaries, benefits to PNG

K92 Mining Inc chief executive officer John Lewins says the miner has paid over US$19.3 million (About K69.6 million) in salaries and benefits in PNG.

Highlighting in the mines 2022 Sustainable Report, Mr Lewins said the mine has also paid around US$17.3 million (About K60.5 million) in corporate taxes, making K92 the second largest tax contributor among mining companies in the country.

The mine also procured US$81 million (K283.3 million) from local suppliers, as well as US$21 million (About K73.45 million) in goods and services.

“At K92, we pride ourselves on the significant value we generate for the economy of Papua New Guinea,” Mr Lewins said.

“By December 2022, the number of employees and contractors engaged in our operations increased to 1477, approximately 94 per cent of whom were Papua New Guinean nationals.

“We paid over $19.3 million in salaries and benefits in Papua New Guinea as well as some $17.3 million in corporate taxes, making K92 the second largest tax contributor among mining companies in the country.

“We also procured over $81 million from local suppliers as well as $21 million in goods and services from unique, local joint ventures, which are structured so that local landowners work with established supplier partners to secure contracts with the mine.

“We are also very proud of our local education and skills development initiatives, which, in 2022, included a total of 38 tertiary scholarships and 200 graduates from our adult literacy program, 90 per cent of whom were women.

“We also invested over $1.1 million in community initiatives during the year and, based on a new Tax Credit Scheme enacted by the government of Papua New Guinea in 2022, up to two per cent of the company’s assessable income can now be allocated by the company for spending on approved community projects, including local infrastructure, health programs, and educational initiatives, and deducted from future corporate tax payable.

“This is in addition to our various community and social programs.”