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The Mineral Resources Authority (MRA) has commended the K92 Mining Inc for paying K25 million corporate tax to the government despite being a relatively small mine compared to other mines in Papua New Guinea.
The company recently announced the tax payment for 2019/2020 commercial production.
MRA’s Managing Director Jerry Garry said today that K92 mine is a good example of how efficiency and prudent management of any business could lead to profitable outputs.
Garry said 2019/2020 was a difficult year for all business. However, it came down to how each organization managed its business and it seems K92 Mine did exceptionally well in that respect.
“This is the first time in the country for a junior miner to have paid this much money in taxes. We encourage other operating mines in PNG to follow this remarkable example set by K92 mine.”
Mr Garry said it may seem that many operators are shifting profits and eroding tax bases to avoid paying corporate tax.
He also congratulated K92 Mine for being selected by the Prospectors & Developers Association of Canada (“PDAC”) to receive the 2021 Thayer Lindsley Award. The award is for the discovery of the Kora North deposit by the company. The award recognizes an individual or team of explorers credited with a recent significant mineral discovery globally. The award will be presented to the K92 Team during the annual PDAC Convention on March 9, 2021.