Barrick to Restart Porgera Gold Mine Production

This is estimated at more than $7 billion over the mine’s projected life of 20 years, at an average gold price of $1,800 per ounce.

SEATTLE (Scrap Monster): Barrick Gold Corporation announced that its Porgera goldmine in Papua New Guinea (PNG) is set to resume operations later this month. The company expects to start pouring gold during the initial quarter of 2024. This follows the satisfaction of the conditions outlined in the Porgera Project Commencement Agreement signed between the miner and the Independent State of PNG.

The 51% ownership equity in New Porgera will be held by PNG stakeholders comprising of local landowners and the Enga provincial government. The remaining 49% will be shared by Barrick Niugini Limited (BNL)- a joint venture between Barrick and Zijin of China.

The PNG shareholders will receive 53% of Porgera’s overall economic benefits.  This is estimated at more than $7 billion over the mine’s projected life of 20 years, at an average gold price of $1,800 per ounce.

Mark Bristow, president and chief executive, Barrick noted that the reopening of the mine demonstrates another victory for the company’s successful host-country partnership model, which it had successfully implemented in Tanzania. The same model has been adopted at its new Reko Diq copper and gold project in Pakistan, Bristow said.

Meantime, Prime Minister James Marape too hailed the revival of the mine, which is expected to make big contributions to the country’s economy.

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