Barrick Gold in Talks to Decide Terms of Porgera Gold Mine Restart

Further to the deal, Barrick will reopen and operate the gold mine, which has been suspended following the government’s refusal to extend its mining lease.

SEATTLE (Scrap Monster): The battle over the Porgera Gold Mine between Barrick Gold Corporation and the Papua New Guinea administration has come to an end. The company has started discussion with the government authorities on the restart plan for the mine. In a recent deal, the company had agreed to grant the South Pacific nation, a major share of the gold mine.

Further to the deal, Barrick will reopen and operate the gold mine, which has been suspended following the government’s refusal to extend its mining lease. The company has committed to raise capital for start up of mine operations. In accordance with the deal, BNL will retain operatorship. Also, it has been agreed for fair sharing of the economic benefits.

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Earlier Mark Bristow, CEO, Barrick Gold had held discussions with Prime Minister James Marape and Enga Provincial Governor Sir Peter Ipatas. The company’s high-level delegation will continue negotiations with government authorities, in finalizing full commercial details. Upon conclusion of these negotiations in the coming weeks, Prime Minister Marape and Bristow will meet again.

The Porgera Gold Mine, a large gold and silver mining operation located at the head of the Porgera Valley, had accounted for 5% of Barrick’s 2019 total gold output. The 2020 production forecast for the mine currently stands cut by 200,000 ounces, owing to the stand-off.

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