Porgera has been on care and maintenance since April 202

1200px-Porgera_Gold_Mine_2005 (1)

Barrick and Papua New Guinea progress Porgera negotiations. (Credit: Richard Farbelini at English Wikipedia)

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) notes the statement released by Papua New Guinea prime minister James Marape announcing an imminent agreement to reopen 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 the principles announced in October, providing for a joint venture between Barrick Niugini Limited (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. BNL would continue as the operator of the mine. We remain hopeful that we will reach agreement with the PNG Government on a long-term partnership that will see the reopening of Porgera in the near future.

A further statement will be issued once a final agreement is achieved.

Source: Company Press Release