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Papua New Guinea and Barrick agree to reopen major gold mine
Barrick Finalizes Deal to Restart Papua New Guinea Gold Mine
By Jacob Lorinc
Bloomberg News
Friday, March 31, 2023
Barrick Gold Corp. is set to restart operations at one of its biggest gold mines after inking a deal with Papua New Guinea's government over its shuttered mine in the southwest Pacific island nation.
The world's second-largest gold producer signed an agreement Thursday with the government and its Papua New Guinea partners to resume operations at Porgera mine, which had been suspended since 2020.
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All parties are committed to reopening at "the earliest opportunity," Barrick said in a statement without disclosing an exact date. A project team is moving ahead to get a special mining lease and fulfill other conditions for the restart. ...
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Barrick Steers Porgera Gold Mine Back Towards World-Class Production
From Barrick Gold Corp.
Thursday, March 30, 2023
PORT MORESBY, Papua New Guinea -- The government of Papua New Guinea, Barrick Niugini Ltd., and New Porgera Ltd. today signed an agreement to progress with the resumption of operations at the Porgera gold mine, which have been suspended since 2020.
Porgera hosts an orebody with measured and indicated resources of 10 million ounces and inferred resources of 3.4 million ounces. After initial ramp up and optimisation of the Wangima pit, the mine is forecast to produce an average of 700,000 ounces per year, achieving a milestone toward its potential Tier One status.
The New Porgera Progress Agreement, signed today, confirms that all parties are committed to reopening the mine at the earliest opportunity, in line with the terms of the Porgera Project Commencement Agreement and the New Porgera Ltd. Shareholders Agreement both concluded in 2022. The New Porgera project team will now move ahead with the filings for a special mining lease and progressing the other conditions set out in the Commencement Agreement for the reopening of the mine.
The equity in New Porgera is shared 51% by Papua New Guinea takeholders, including local landowners and the Enga provincial government. Economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini Limited, which will operate the mine. ...
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