homeback to latest news Latest News

Hidden Valley pays millions in taxes and royalties 29/10/2018

October 18, 2018. Source: The National Business

HIDDEN Valley mine in Bulolo, Morobe, has so far paid K421 million in taxes and royalties while contributing K591 million into the regional economy.
Harmony South East Asia operations chief executive Johannes van Heerden and operation executive manager Charles Devillie revealed this during a Lae Chamber of Commerce and Industry breakfast on Oct 9.
A total of K111 million is royalties was paid to:

Landowner groups, K41.7 million;
Local communities, K5 million;
Local level governments, K22.2 million;
Bulolo district treasury, K12.8 million;
Morobe provincial government, K27.3 million; and
Future Generation Trust (FGT), K2.2 million.

The K591 million direct benefit streams included:

Total employee salary (excluding tax), K73 million;
Salary and wage tax, K35 million;
Royalties and production levy, K24 million;
Total procurement (excluding PNG Power Ltd), K404 million; and
Power purchased from PNG Power Ltd, K55 million.

Harmony has achieved excellence in safety standards, local employment and landowner income, education, health and gender programmes.
On average, it converts
US$187 million (K627mil) of foreign exchange a year into kina for the benefit of national economy.
The total direct employees is between about 1320 managed in tier comprising:

Non-citizens, 4 per cent,;
Nakuwi landowners and Bulolo district, 17 per cent respectively;
Morobe province, 12 per cent; and
Rest of PNG, 42 per cent.

Van Heerden said 72 per cent of Harmony’s permanent workforce was based in Morobe.


P.O. Box 876
Konedobu, NCD
Papua New Guinea
Tel (+675) 70311391/392/393/394
Fax (+675) 3210131