Barrick Gold Corp.’s Mining Lease over Papua New Guinea Mine Will Not be Extended

However, he refused to disclose any timeframe for taking control of the mine or financial details of the deal.

SEATTLE (Scrap Monster): The government of Papua New Guinea has decided not to extend the mining license of Barrick Gold Corp. over the Porgera gold mine. Further to this, the government has decided to take full control of the mine. The government cited environmental concerns for the refusal of license extension. It must be noted that the license had expired during August last year.

Prime Minister James Marape announced the government’s decision to accept the recommendation from the country’s Mining Advisory Committee to refuse the lease extension application on account of environmental and social issues connected to the mine. Upon completion of the transition phase, the state will own and operate the mine, Marape said. However, he refused to disclose any timeframe for taking control of the mine or financial details of the deal.

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Barrick (Niugini) Ltd, which operates Porgera along with China’s Zijin Mining noted that the decision is in violation of the government’s legal obligations to the company. The company expressed its willingness to discuss the issue with Prime Minister James Marape to avoid any catastrophic situation. However, the company will pursue all legal options to challenge the Government’s decision and recover any damages due to the decision.

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