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Published on Gold Anti-Trust Action Committee (http://gata.org)

Papua New Guinea gains 'major share' of Barrick's Porgera mine

By cpowell
Created 2020-10-16 18:55

From Bloomberg News
via Yahoo News
Friday, October 16, 2020

Papua New Guinea's push for greater sway over its own mineral wealth scored a win, with Barrick Gold Corp. agreeing to a deal that will see the South Pacific nation get a big stake in a key gold mine.

Barrick will give Papua New Guinea a "major share" of the Porgera mine, Prime Minister James Marape said Thursday in a joint statement with the Toronto-based miner. In exchange, Barrick can reopen and keep operating the facility, which had been suspended after the government didn't extend its mining lease in April, and there would be a "fair sharing" of the economic benefits.

... Dispatch continues below ...


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The in-principle agreement follows a months-long showdown that escalated to legal challenges and tested Marape's pledge to obtain a greater share of Papua New Guinea's resource wealth. It echoes similar drives by other commodity-rich nations, including Indonesia, to direct more revenues to state coffers.

"I look forward to hearing of the outcomes of further discussions on the economic principles to guide future mining operations," Marape said after talks in Port Moresby with Barrick's Chief Executive Officer Mark Bristow.

Marape swept to power last year with a pledge to increase the state's share of wealth from the production and export of materials. He also criticized previous deals and is pursuing energy giant Exxon Mobil Corp. for better terms on a gas investment. ...

... For the remainder of the report:

https://finance.yahoo.com/news/pacific-battle-over-giant-gold-052558030.... [2]

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Source URL:
http://gata.org/node/20587