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Zijin warns Papua New Guinea of China's anger over end of gold mine lease
By Tom Westbrook and Tom Daly
Reuters
Wednesday, April 29, 2020
China's Zijin Mining has warned Papua New Guinea that its failure to renew the lease of a gold mine it jointly owns with Barrick Gold Corp. there could damage bilateral relations.
Papua New Guinea on Friday said it would not renew a 20-year mining lease at the Porgera gold mine, citing environmental damage and social unrest even as gold prices have soared to more than seven-year highs.
... Dispatch continues below ...
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Barrick (Niugini) Limited, the local venture in which both miners have a 47.5% stake, suspended operations Saturday, saying the government had not given it formal notification that it would not renew the lease, or any details of a planned transition.
Zijin, which is a state-controlled company, said that Papua New Guinea needed to conduct negotiations to extend the mining lease in good faith, and that a failure to resolve the issue could impair relations between the two countries. ...
... For the remainder of the report:
https://www.reuters.com/article/barrick-gold-png-china/zijin-warns-papua...
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