K92 Mining has paid $US62.6 million ($96 million) in taxes and royalties in Papua New Guinea (PNG) for 2024, a 134 per cent increase over 2023, contributing to local jobs and community initiatives.
The Canadian-based gold miner has been progressing a major expansion of its Kainantu gold operations and detailed its impact in the area its newly released 2024 sustainability report.
“Our local value-retention initiatives continue to deliver significant value for our local stakeholders,” K92 chief executive officer John Lewins said.
“At the end of 2024, we employed nearly 1800 employees and contractors and remained a significant tax contributor within the country, with some $US62.6 million in taxes and royalties paid in PNG.
K92 procured approximately $US96.5 million from PNG companies, including $US28 million from unique, local joint ventures, which are partnerships between established businesses and local landowner associations that help deliver significant value for local communities.
The company’s sustainable agriculture livelihoods program (SLAP) was once again recognised by the PNG Chamber of Resources and Energy, awarding K92 the Outstanding Community Humanitarian Initiative for the third consecutive year.
K92 is also supporting skills development through 66 tertiary scholarships, a growing adult literacy program and new agreements with PNG universities to help build a pipeline for a future mining workforce.
On the safety front, the company recorded 553 days without a lost-time injury at the end of 2024, extending to 643 days by March 2025.
Looking ahead, K92 is preparing for one of its biggest years yet, with the commissioning of a 1.2 million tonne per annum processing plant, paste plant and new mine infrastructure set to support its stage 3 and stage 4 expansions.
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