Barrick Finalizes new deal to restart PNG Porgera Gold mine

The Papa New Guinea (PNG) govt, Barrick Gold’s local subsidiary. And New Porgera have signed a new contract to hasten the mine reopening at the Porgera gold mine. Which has been shut down since 2020.

While attempting to extend the mine’s licence in 2020. Barrick & its partner China’s Zijin Mining got involve in a disagreement over benefits sharing with the authorities and people.

Papa New Guinea Stakeholders

A stakeholder group from Papua New Guinea, including regional landowners and the government of the Enga province, owns 51% of the mine. Which is now know as New Porgera.

The Papa New Guinea stakeholders will receive 53 percent of the economic advantages. While the mine operator, Barrick Niugini Ltd, would receive 47 percent.

The Wangima pit will be optimise after initial ramp-up. And Porgera is anticipate to generate an average of 700K ounces annually.