Barrick Gold Corporation has noted a recent statement released by Papua New Guinea (PNG) Prime Minister James Marape announcing an imminent agreement to re-open Porgera mine.
Barrick and the Government of Papua New Guinea have continued to hold constructive discussions on a framework agreement for the recommissioning of Porgera, which has been on care and maintenance since April 2020.
The agreement under discussion is in line with principles previously announced in October, providing for a joint venture between Barrick Niugini Ltd (BNL) and the government of PNG to operate Porgera going forward on the basis of increased PNG ownership and a fair sharing of economic benefits. Under the agreement, BNL would continue as the operator of the mine.
BNL reportedly remains hopeful that it will reach agreement with the PNG Government on a long-term partnership that will see the re-opening of Porgera in the near future.