Barrick Readies Porgera for Restart
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) is aiming to restart operations at the Porgera gold mine later this year, president and chief executive Mark Bristow says.
This follows the Security Forum and the opening of the Development Forum on July 20, a precondition for the granting of a special mining lease, by the Minister of Mining, the Hon Sir Ano Pala, at an event attended by the Prime Minister, the Hon James Marape, the Governor of Enga Province, Sir Peter Ipatas and several thousand Porgerans.
At the same event, the Mining Minister told the audience the maintenance of law and order was critical for the successful restart and operation of the mine.
Bristow commented that, if all goes according to plan, Porgera could be back in operation before the end of 2023. In preparation for the restart, the mobile fleet and fixed plant are being recommissioned, the mining and metallurgy plans have been updated, and the personnel recruitment plan has been finalized, with preference given to local employment.
“It’s been a long journey but in the process we have secured the buy-in of all the stakeholders. For Barrick, the re-opening of the mine represents another victory for our host country partnership model which has been so successful in Tanzania and has also been adopted for the Reko Diq project in Pakistan,” he said.
Papua New Guinea stakeholders own 51% of New Porgera with Barrick Niugini Limited, which will operate the mine, holding 49%. Economic benefits will be shared 53% by the PNG stakeholders and 47% by Barrick Niugini.
