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Papua New Guinea gets majority stake in Barrick-Zijin gold mine
From Reuters
Friday, April 8, 2021
MELBOURNE, Australia -- Barrick Gold Corp. has reached a deal that gives the Papua New Guinea government a majority share in the Porgera gold mine as part of plans to restart operations, the company said today.
The deal will set a benchmark for further resources projects in the region, Prime Minister James Marape said in a statement, and help shape the terms of new developments by the likes of Australian gold miner Newcrest Mining.
.... Dispatch continues below ....
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Porgera has been shut for a year after a dispute over the terms of benefit-sharing between the operator, landowners and the government, but the new framework pact paves the way to resume operations, although it gave no timeframe.
"We intend to partner with all key stakeholders to make Porgera a world-class, long-life gold mine," Barrick Chief Executive Mark Bristow said in a statement.
The deal places Porgera ownership in a new joint venture that is 51% owned by PNG stakeholders and the rest by Barrick Niugini Ltd., Barrick added. ...
... For the remainder of the report:
https://www.reuters.com/article/us-barrick-gold-porgera-mine/papua-new-g...
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