Barrick Secured Special Mining License to Restart Porgera Gold Mine

SEATTLE (Scrap Monster): Barrick Gold announced that it has received green signal from the Papua New Guinea (PNG) authorities to restart the Porgera gold mine, which has been on care and maintenance for the past three years, following a dispute over sharing of benefits among the company, government and local communities.

According to the company, the PNG Governor General granted a special mining license to New Porgera Ltd. (NPL), thus clearing the way for the mine to return to production. It must be noted that Barrick holds 49% stake in NPL, whereas the remaining 51% stake is owned by PNG stakeholders.

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The company reported preliminary Q3 sales of 1.03 million ounces of gold and 101 million pounds of copper. Also it reported preliminary Q3 production of 1.04 million ounces of gold and 112 million pounds of copper. The Q3 production stood higher than the prior quarter, but was lower than the planned output for the quarter. The company expects significant surge in production volumes during the fourth quarter of the year.

The jump in Q3 preliminary gold production, upon comparison with Q2, was mainly due to higher production, mainly at Cortez and Turquoise Ridge. The higher preliminary Q3 production was mainly driven by Lumwana.

The company is due to release its Q3 2023 results before market open on November 2, 2023.