Barrick Gold Confirms Imminent Deal to Reopen Papua New Guinea Gold Mine

The two parties had been engaged in negotiations on the proposal to form a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate the mine.

SEATTLE (Scrap Monster): Barrick Gold confirmed reports about progress on reopening of Porgera gold mine in Papua New Guinea (PNG).

James Marape, Prime Minister of Papua New Guinea had recently announced an imminent agreement on recommissioning of the mine, which has been on care and maintenance for almost a year now. Local media cited the President’s remark that the government is in a better position to sign an agreement with Barrick Gold for renewed activity at the mine. It must be noted that the mine had produced nearly 600,000 ounces of gold in 2019.

The two parties had been engaged in negotiations on the proposal to form a joint venture between Barrick Niugini Limited (BNL) and the government of PNG to operate the mine. Accordingly, BNL will continue to be the operator of the mine. The discussions were centered on increased PNG ownership and a fair sharing of economic benefits. 

The company press release by Barrick Gold said that it remains hopeful of reaching a long-term partnership agreement with the country’s government so as to ensure reopening of the Porgera gold mine in the near future. The final agreement is yet to be reached and an updated statement will be issued further to that, the press release said.

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